The Kindle only allows the reading of Amazon DRM-protected content.
Typically ebook readers are larger than PMP's with larger screens. If you're going to read for a few hours, then the screen of a typical PMP becomes pretty eye-straining (due to size, contrast, and brightness).
If you read some of the Kindle discussion groups, you'll see people complaining about "no backlighting", and then a few days/weeks later they will be lauding the fact that it has no backlighting.
Think about waiting somewhere in the middle of the day, or perhaps in an airport while you're traveling, and having immediate access to 100,000 books and hundreds of newspapers and periodicals from this pad in your hand.
A revolutionary portable reader that wirelessly downloads books, newspapers, magazines and blogs to a crisp, high-resolution electronic paper display that looks and reads like real paper, even in bright sunlight.