The device I've got is called a Kindle. I won one in a raffle at the christmas party this year and have had it a couple of weeks now. Seems the price on these devices are better than $250.
I've downloaded several free books from the Gutenberg project and have been reading Company Aytch by Sam Watkins on it.
I didn't think I'd like it, but the more I use it the more I like it. That said, the jury is still out.
My first impression was it's a device used by Amazon to sell more books but it has wireless access to the internet too.
Honestly, at this point, if it hadn't been given to me, I wouldn't buy one.