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as I understand the (current) featureset of the DR, the answer to 1 is a definite No(t yet). that aside, if you enter phrases that occur multiple times, i imagine the CPU will need a fair bit of time to read through the whole of the book, so it might not be very practical even if it does work.
as to 2: the iLiad already has bookmarking features, at least for the PDF reader.. you'd then have to draw a box around whatever you find interesting on the relevant page, as you can [there] only bookmark specific pages, not sections of text.
3: yes, but from the complaints I've seen on the fora, at least the 'quick' dictionary lookup isn't working very well yet.
reading multiple books simultaneously shouldn't be a problem, though.
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