DH bought me one a few weeks ago for our anniversary. I LOVE it!
Pros:
The screen is moveable ink (not light like a t.v. or computer screen) and is very easy on your eyes.
You can change the font size, making it much easier to read.
You can hold the Kindle in one hand to read.
You can download books virtually anywhere.
Amazon saves your ebooks so you can reread them later, if you'd like.
You can get free samples of the books to decide if you want to buy them.
There are a lot of public domain books (think "classics") that can be obtained for free.
You can read waaaaay faster on a Kindle because you only have to push a button to change pages instead of turning the actual page. Also, the fact that the Kindle saves your spot helps you go right back to where you left off.
The built in dictionary is a nice feature too.
There are websites out there with links to free and cheap book downloads.
Cons:
Because of the technology used, there is not backlight on a Kindle... you can't read it in the dark.
There are still a LOT of books that aren't available as e-books, so a Kindle won't completely eliminate your needing to purchase paperbooks. (I take my Kindle to the bookstore. If I find a book I'm interested in, I check to see if it's available on the Kindle. If not, I'll purchase the paper version.)
Also, e-book downloads of new releases aren't always that much cheaper than purchasing a paper copy. (I purchase a lot of romance novels at
Walmart and Target. Kindle prices to download those books are within $0.50 of the Walmart/Target price.)
My advice:
Check out books at Amazon to see if the kinds of books you like to read are generally available in Kindle format. (I knit as a hobby and can't find any decent selection of knitting books, for instance.)
If you get a Kindle, definitely buy a cover.... well worth the extra $$ to protect your investment.
I hope this helps!