Thank you shalym, so it looks like it is a special integration between Overdrive and Kobo, that has nothing to do with being able to read acsm file directly.
Another concern I have is that I just read there is a new encryption scheme from Adobe (shipped with Adobe Digital Editions 3) and I do not know if Tolino is or will be able to read new books using it, so I will have to use ADE no matter what in the future.
So, I can choose a Tolino (hoping to be able to read DRM ebooks from my public library in the future) or go with a Kobo (and try to install ADE in Linux and use it every time I want I book).
This DRM thing is quite complicated and painful.
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