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I don't think most of the reasons are that bad. But they're mostly not really specific to e-readers.
It's just that any type of technology still in the midst of the "early adopter" phase, don't make the best of gifts in the general sense. He's right that prices are still high, the technology doesn't have all the kinks worked out--and as such there's probably better gadgets around the corner (especially for the casual reader who doesn't really need a dedicated device), the e-book format war isn't resolved (so you do risk tying someone to a format that loses).
I'd liken it to Blu Ray players. Great gifts now. Terrible gifts (IMO) a couple years ago when HD-DVD was still around (and it wasn't clear which format would when), prices where high, glitches were rampant etc.
New technology really isn't good gifts unless you have someone that really wants to be an early adopter and hasn't bought one on their own for some reason.
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