I have it over a month now so I can testify.
Impulse buy at Borders, does not help in Cambridge as the shop can sometimes be a short cut between green street and the market square.
It is basically the same screen as the sony e-book but a lot lighter and simpler. It is disconcertingly bright. If you used to LCD sometimes it feels like it glows. The screen is very clear and high rez with 8 grey scales. Te interface is simple with a few buttons and quizzingly a sudoku button. It does not come with any software to install, it works like a USB flash drive with 256Mb storage and a SD card slot.
Adobe ebook software is an optional download to support copyrighted books.
It can read most files such as pain text, simple html, pdf and jpg.
It comes with a collection off free Gutenberg project books.
Here comes the crunch, it is excruciatingly slow, it takes half a minute to load a file and a couple of seconds to flip a page. Navigation is a bit archaic with cursor control.
On the plus side it can work as a simple picture viewer.
Note that is best to disable the auto power off as it blanks the screen when off and takes half a minute to bootup and looses the last page position.
I would not say it is a bad buy, it is basically utilitarian. Considering that cheaper models will come out soon like the Asus ebook it is better to hold off a while to see what happens.