My only issue with reading on kindle like devices is the way it changes the page. I don't think I can stand that. I feel like that would bother my eyes.
EDIT: That is the only thing stopping me from buying one.
As one who has read about 30 novels on my K1/K2 - I can attest that your brain / eyes actually seem to go into a wait state when you change the page, such that you don't ever seem to recall changing pages while reading long fiction.
On the other hand, flipping through technical references is painful to the point of despair, and was one of the key reasons I fell in love with my iPad.
You quickly learn not to stare at the screen, much like you learned long long ago not to stare at the page as you're turning it. Physical books have an even slower response time, but nobody complains about that.
Seconded. It's especially pronounced when you need to flip back a few pages or skip ahead to the next chapter. The command-keys/controller setup is also really user-unfriendly.
On the other hand, flipping through technical references is painful to the point of despair, and was one of the key reasons I fell in love with my iPad.