Amazon has a new electronic book called Kindle. It looks pretty good and has good battery life and can store a lot of books. The wireless Internet (limited to buying and downloading reading material) with no extra costs is a huge benefit I think. I like that they backup your data for you as well.
The one question I have that I don't see is if you can give a book to someone else when you are done reading it. I could live with it not being on my reader afterwards as that only seems fair.
It is expensive though and I wonder if the $400 price will be a show stopper. Time will tell I guess. But you know there was a time when I didn't think I would pay several hundred dollars for headphones and then I discovered the Bose Quiet Comfort II and a sale was made. This could do the same.
I love the idea of carrying several days reading in one neat little electronic package. And of course being able to download a new book in a minute is pretty cool as well. It's sort of like a DVR for books. Get it when you think of it and read it when you want.