Or any other reader, really, like the Sony's or the Nook. The Kobo is sold at about the same price as a Nook but is limited in a number of very annoying ways (no book wide search, no way to jump to a particular page etc.)
That's fair. Those are some major features. I don't find them to be of any particular hindrance though. Frankly, I find I read more quickly on the Kobo, as opposed to traditional book formats.