That new familiar feeling

Whitcoulls have launched the Kobo ebook reader and software platform in NZ. The tech has been reviewed in Engadget:
Kobo... doesn't plan on making a big splash in the actual e-reader market, since it's primarily about building branded software and delivering branded e-book stores for others, including manufacturers.., and booksellers...

As far as software and capabilities, the device is utterly barebones, but at least it keeps its aesthetics throughout, and everything seems responsive and intuitive. There's no 3G onboard (you sync your e-pub titles with a desktop app over USB), no specific word on storage (our guess is in the 1GB to 4GB range), and there don't seem to be any other activities available to reading books.
As an author I have many questions and so turned (clicked) to the Whitcoulls site FAQ. And got:

Why do I not feel optimistic?

DRM free copies of your favourite New Zealand novels now available at secondhand bookstores throughout the country, at less than $12-17.

Update: Apparently Kobo books don't reside on your hard / flash drive but rather stay "in the cloud." Fail. Have no interest in paying a cell phone company's wireless data fees every time I want to read. iPod Kobo app = gone.