In a word? Eh.
It's ok, but I'm hoping in two or three revisions, it will be a useful device.
First, where's the camera? Second, where's the USB port? Not clear on how you're supposed to get materials in and out.
Why is everything extra? I mean, yeah, that's par for the course for Apple, but if you want to sell it as a book reader, make it possible to read books from anywhere.
I know that's not the Apple way, but, well, sigh. Steve Jobs, you've really underdone yourself this time, buddy.