the thing about eInk
Is that it was one of the first pieces of technology for a long time that genuinely made me go "wow" when I saw it in person. It's like HDTV or the touchscreen on an iPhone - unless you've got direct physical experience of one, you really don't have any idea just how impressive they are. Pictures on the internet really don't cut the mustard. Reading on a transmissive screen, especially a tiny phone screen, is like comparing piddly £1-a-pair earbuds to Kef floorstanding speakers.
My iLiad isn't a replacement for a laptop/netbook, it's a different device. I read on it, and the refresh rate bothers me not a jot - it's pretty much as long as turning the page on a book, and after a while, you learn to hit the page turn bar just before the end of the last line - then the refresh appears seamless. I use it as a notebook, I handwrite notes and even draw sketches on it. Works very well in meetings, where tapping away on a laptop would be rude and intrusive. Nobody ever says - "hey, that thing's crap/pointless without colour on it", they all say "wow, that's hella cool, where did you get it".
Colour, I don't miss at all. Sure, it'll be nice when it comes along - but the books I read don't have pictures in. How much of your library does? Some of them have diagrams, but they work just fine - I can zoom and pan if I need to (something my eyes can't do on their own!)
Being able to set texts in your own choice of font/layout is great. Once you've started reading in Helvetica 10pt, you never want to go back. Being able to carry a fortnight's worth of reading - which on a holiday can run to several kilos of squashed tree, for me - in one book-sized device is a major plus. The iLiad even has a powered USB socket on the top, into which one can insert a little gooseneck led light - perfect for reading in the dark.
Yes, eInk isn't a fully mature technology. But it's very good for what it's doing now, it's certainly not crippled by a lack of colour. That's a bit like saying radio is crippled by a lack of pictures. Most radio doesn't need pictures any more than most books need colours.
@Paul4 - I love books. I have rooms full of books. I still buy hardbacks of books I love, and I want to keep them (then I format shift to ebooks to read 'em, usually). But I'm not so attached to my softbacks - and that's what eBooks replace. To compare to music - albums I really love, I buy on vinyl. Albums I just want to hear, I used to buy on CD, now I buy on MP3. My feeling is that e-reading will go the same way - you can already see the resurgence of the boxed hardback, or the illuminated editions of books at premium rates - while all the time the price (and paper/print quality) of softbacks plummet.