My family got me a K2 for Christmas, tentatively, not knowing if I'd really like it... I love physical books (approx. 1500-vol library) and the Kindle aesthetic is obviously different. Well, I love the Kindle 2... it's an amazing device.

Pros:

Whispernet download of the NY Times every morning is addictive. Reading a "newspaper" on the K2 is very different -- I'm more methodical, consume more of the NYT, sample more articles, and learn more than I ever did scanning the paper or web editions. Until the K2 I would read the NYT on Blackberry every morning using the overnight email billboard as a main menu, but I've given that up for good.

Low barriers to entry for buying new e-books; I buy more titles now, and try titles I wouldn't think to pick up and buy in a bookstore. You can read free samples of many titles.

Highly readable screen -- e-type far easier on the eyes than a PC / laptop screen.

Aesthetically pleasing, Appleish form factor. Nice heft to it.

Incredibly easy startup process -- I got mine going in seconds on Christmas morning.

Cons:

You miss the variety of fonts, page layouts, and paper choices that differentiate physical books. All Kindle content looks identical.

If you're a fast reader you'll be pressing "Next Page" every 15 seconds given the small screen.

Wish there were a backlight option for night flights or reading in bed next to snoring spouse.

Not so impressed with battery charge retention. If you leave the K2 unused for two or three days, it's dead and needs to be gassed up.

I worry about durability -- having it crack while traveling in my briefcase, etc.

It'll never make more financial sense to own a Kindle than just keep buying books or newspapers. The NYT is expensive @ $14./month.

I don't know what the Kindle's long-term future is. With interoperability the new Internet buzzword the closed Kindle ecosystem, with its limited and controlled content universe, may soon be obsolete.

Still, it's impressive and I'm happy with mine.