Sony Reader Daily Edition PRS-900BC

Pros: I like the size of the screen and the overall size is easily managed. With the typeface set to medium or large, you get about the same number of lines as you would from a paperback book. Its nice to be able to swipe to turn a page.

Cons: There is some screen glare that can can usually be avoided by tilting the screen. The background is a little darker and the contrast not quite as good as the Kindle or Nook. I'd say 10% would best describe it. Access to the store can be slow.

Summary: I like the Sony reader. It has a good feel in the hand, is easily managed and the software works well, both in the reader, on the PC and in the EStore. The issues with glare and contrast are not fatal. They could be better, but are there is so little difference between the Kindle, Nook and Sony Reader in contrast it doesn't tilt the decision one way or another.
About the price. Its $400 and the other two are $260. What do you get for the extra $160? The leather flap case is nice. it firs perfectly and protects the screen and has a megnetic closure. It forlds back for reading and can be taken off in 2 seconds. The reader also come with a Case Logic zippered case for travel, which is excellent at protecting the device. As mentioned, the screen is longer and displays more text than either the Kindle or Nook. And its touch screen which allows you to turn pages with a swipe and access the dictionary, easily. The Reader has expansion slots. I've already put 2 GB of music on mine and you can listen to music while reading. The battery is user replaceable and the 3G connection is free, although Its often easier to use WiFi because of the way downloaded files become available.
The device can accept more file formats, too.
Does all this make it worth $160 more? If you have the $160 it does, at least to me.
Now the real question will be answered in a couple of weeks. Will the ipad at $100 more cause a paradigm shift in the book reader market? We'll see.