I bought a Kindle with Special Offers and it was delivered last week. There are two components to this Kindle: ads and special offers.
The ads replace the original screensavers that were the faces of different authors, etc. Now you have a full page ad for VISA, or Olay products, or Buick. They are in black and white and they do take up the full screen. As soon as you "wake" your Kindle, they disappear. If you are on your "Home" screen they reappear at the bottom as a small banner ad.
To my mind, they are unobtrusive. If I pick up my Kindle to use it, I immediately wake it and unless I stay on my Home page for an extended period of time, I move to the screen I want and the banner ad disappears, too. The ads are NEVER in or on any page of a book you are reading or on any of the pages if you are shopping in the Kindle store.
The Special Offers are a different component, although they also show up as black and white screensavers. They appear automatically even if you do not have your wifi turned on - when I woke up this morning a new offer was the screensaver on my Kindle.
So far I have taken advantage of three offers.
1. Buy a book from a pre-approved list of 48 titles and get a $10 credit to your
Amazon account. I bought a novel for $8.93 and received a $10 credit - so I "made" $1.07. Some books in the offer were cheaper - I believe Water for Elephants was about $5, so you could have made $5 on the offer.
2. Spend $10, get a $20 Amazon gift certificate. This was a no-brainer for me!!
3. Today's offer is an album from the Amazon MP3 store for one dollar. I've ordered the email that allows me to go to the link for this offer and I'll see what album I might like. I am not a customer of the Amazon music store but for a buck I can buy something I am sure.
So that's my experience so far. I have had Kindles since the original version - I have a Kindle 1, Kindle 2, original and Graphite Kindle DXs, and the new Kindle wifi only and now wifi with Special Offers. lol does that make 6? Two I have passed down to my daughters, and I am getting ready to sell the newest Kindle wifi only since I bought the Special Offers one to replace it. I also like having a spare to loan to friends or take on a vacation.