I’ve had a Bookeen Cybook3 for about 9 months now and read a lot of words on it. The Cybook has an e-Ink display (same as the Kindle and Sony readers) as opposed to the LCD displays of cellphones, PDAs and laptops and this is, in my opinion, the great differentiator between these readers and other portable reading devices.
E-Ink is a static display technology that consumes no power when the screen is not changing. This means that the battery life for a e-Ink reader is in the days (if not weeks) rather than hours of an LCD screen been used all the time. I find that when reading a lot (e.g. when travelling) I tend to need to recharge the reader after about 4-5 days of use. At times when I’m reading less it goes weeks without a recharge. Another e-Ink difference: since e-Ink is a reflective screen it is perfectly legible in sunshine and bright lights, just like paper, and completely unlike LCD screens as this photo illustrates

One issue I’ve discovered in the last month is that the e-Ink display seems to be slightly more sluggish in cold temperatures. I used it while waiting for trains in Zurich and the UK when temperatures were around freezing and page turns seemed to be slightly slower with occasional shadows of the previous image visible. The effect was not enough to impair the reading experience but it worth noting as I assume this would get worse if I were waiting in places like Chicago or Helsinki where the temperatures are likely to be well below freezing. It also seems to me that the Cybook battery, as with most batteries, was less capable in these cold conditions meaning that my time between recharge dropped from 4 days to 3.
While my stints of cold commuting did show up these slight weaknesses they also, absolutely, highlighted its strengths. The Cybook in its leather cover is about the size of a thin trade paperback book and thus fits well into overcoat pockets. It became natural for me to read while waiting for the train, pop it in the pocket while I boarded and then pull it out to continue reading once I had found a seat. Having it in a pocket also meant it was always available for those other periods when I had to wait - for example while my father was being examined at the hospital.
The Cybook has options to auto power off and I have it set to do so after 15 minutes. Once powered off it takes about 30 seconds to boot up. Although this boot time is short compared to a laptop it is noticeable and I may decide to disable the auto power off for a bit and see what that does to the battery life. With the 30 second boot I find that I tend to switch it on in anticipation that I’m going to have time to read in the next few minutes and this seems to work well even though sometimes of course I don’t quite get around to reading from it in time. The boot time seems to be dependent on the number of books in the reader. When I had no more than a couple of dozen books boot time was around 20 seconds with some 10 seconds being added now that I have over 150 books.
The Cybook has a SD slot which takes a maximum of a 2GB SD card. My 150+ books uses about 7% of that space, so it looks like I could have something like 2000 books on the device if I really wanted to. In practice I’m not going to have anything like that amount as, in addition to the boot time, navigation in the library makes that number of books hard to handle. The library will only display 20 books at a time and there is no quick way to go to a particular library page. This means that if you were reading a book at the end of the library list and now want to read another near the start it can take a while to page through.
The other question that arises when it comes to eBooks is whether content is available in a suitable form - and at a reasonable price. I find that the Cybook’s support of plain text, PDF, HTML and Mobipocket means that almost everything I want to read is easy to obtain - mostly in DRM-free formats. The big issue though is price. Many publishers seem to think that eBooks should retail for a price similar to the hardback price (i.e. over $US20) which is ridiculous. In some cases it is cheaper for me to buy the book in hardcover and pay amazon to ship it than it is to buy the electronic copy which is completely stupid. This does, however, seem to be changing gradually.
Overall I’m happy with the hardware, satisfied with the software and happy with the content I can get for it.