I've had the n7 for a month and now I have converted fully to reading on it. My old Sony prs700 is now gathering dust for the winter, although I shall probably revive it for reading in the sun. I'm using Akido Premium for reading, which I bought with my Nexus credit.
Calibre for Linux now supports the n7, so you can load books directly. Before, you had use the file manager (bought) to use wifi and the windows network. The reader is very fancy with all sorts of hidden things I haven't figured out yet. But I just found out you can slide the brightness on the left. I use a dim screen, and a big font, so I don't really have eye strain.
I enjoy listening to music on the speakers, and then checking the email when it pings. Of course, you can look up words, and annotate if you wish. The dedicated ereaders are doomed! Of course, the better half just converted to a plain ebook, so she'll take a while. :) Finally, we won't have a pile of old chick books cluttering up the house!