1. Cost is high. $359 will get you a ton of used books!
2. There's no color.
3. The "joy stick" is not a good navigation device; it worked fine with Atari 2600 back in the day.
4. It only does one thing! This is a big issue and similar to Alton Brown's rule for a kitchen device (that is, it must have more than one use!)
5. There's no cue from the product telling you what it's doing. This is a usability no-no.
6. It's slow.
7. It's fragile
8. You can read books on other electronic devices.
9. There is no touch screen.
10. eBooks will not kill traditional books.
I think the above lists speaks to more negatives than positives and, frankly, it's a perfect example of an electronic device really not adding any value or improvement to a process or task that already exists (in this case reading a book or a magazine). It's easy to read a book, bring it with you, or switch to another book. Plus, used books are cheap, the Kindle is not. I don't think the Kindle will revolutionize reading; so if you're a traditional reader don't fret, enjoy your organic book and take pleasure in turning each page!
Keep it practical when it comes to electronic devices, you can't build a good financial life and purchase every electronic device that hits the market.
Keep it practical when it comes to electronic devices, you can't build a good financial life and purchase every electronic device that hits the market.

I'm not a fan of the Kindle.. and pretty much agree with all your points. I do like reading ebooks on my iPhone. Unfortunately, not that many books I want are available in digital format.
The most appealing thing to me would be having my entire library in my pocket like my music.