I bought a Pocketbook IQ over the holidays and have already used it to read a Repairman Jack book, Fatal Error, and a couple of graphic novels (comic books to the uninitiated). I needed to replace my Sony E-reader which went walk-about sometime in October. I was also looking forward to trying out the color capabilities of the newer devices since that meant that I could actually read standard CBR and CBZ formatted media in color.
I was strongly considering the Archos devices because they were getting all of the press but at the end-of-the-day, Archos was all talk and no product. When I heard good things about the PocketBook IQ and also that I could almost by two of them for the price of one Archos device, I immediately ordered the unit from Pocketbook.
The Pocketbook IQ comes with software for reading and downloading ebooks from their Bookland.net e-book store and, which is unusual for low cost tablets, an ability to install 3rd party Android applications. You can't directly install from the Android app store but that is a Google App Market store restriction for any non-phone Android device, and if you really want to you can install App Market on your own as well.
The PocketBook IQ shares some lineage with the Pandigital Novel device and the Cruz tablet but the PocketBook is a much more solid device with a metal, instead of plastic, case. Since the PocketBook IQ can install apps, it isn't limited to just e-reading. There are apps for just about everything: you can send and receive email, use it as a calendar and day planner, browse the internet, download and send files, use Google Maps, get news updates, setup slideshows, play videos, music, etc. Hardware wise, the unit comes with 2GB of memory, 256MB RAM, a full-size SD card, mini USB port, WiFi, two speakers, and headphone jack. The lack of an SD card slot and USB were the main reasons why an iPad was never even under consideration for me. The PocketBook IQ also has a 7" TFT LCD screen with a very nice resolution of 800 x 600.