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To each their own, but I own an iPad and I would never, ever consider doing any serious reading on it. Web-browsing and the occasional online article from the Economist, FT, or news sites, sure. But books? Not on an LCD screen...
I think the majority of people who read A LOT will stay with dedicated reader. E-ink has big advantages in terms of eye-strain. But I do know that LCDs bother some less than others (they obviously bother me a lot...) and I know that people who read a lot are a rare breed, nowadays.
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