I think the Iliad is a great device for the initial purpose it was designed for. After some use and tries personally I believe it is a very useful device. It is too bad that there are still still some gaps in functionality (like the zoom function in PDF's) but I count on Irex to solve these asap.
Maybe one should not judge Irex to hard (yet). They originally developed the thing for reading distributed E-content. Their customers; E-content offering companies. Now it seems that the device can go beyond that. If you don't want to lose the original market but also want to serve the new group of customers you want to serve both but in a controlled way. So lets wait and see until second half of this year for the possibilities they will create for you developers. I bed we will not be disappointed (I have the impression the Iliad exists today just because Irex have some geeks like us thought they could make it work ;-) )
So if I would be new I would buy it;
(1) Although suggested otherwise I think the Iliad can match most of the claims made. I can use the thing as planned.
(2) I'm sure Irex will make sure that claims not yet fully present will be implemented soon (and more like switching portrait/landscape, zoom etc.).
(3) In Q3/Q4 2006 Irex will release all functionality for developers to fully exploit the possibilities of the system thus I as a non-developer will have a choice of some great tools.
(4) There will be more.....hopefully..... (maybe also a rebate when we buy the flexible colour version on A4/letter format some time next year
)