I love the ability to resize text. I've been looking for a while for a larger print Bible. Not super large print like for people with severe eye problems, but just larger than the tiny print you find in standard Bibles. Plus I don't care for the ultra-thin rice paper they generally use. With the e-Reader, I now have the whole Bible on it and I can read it at whatever size I want!
I use a BeBook mini, which is a small(5") reader compatible with most major formats. It got it with a leather case which offsets the slightly plasticky feel of an ebook reader. Love the portability and the immense storage capacity. It's my constant traveling companion and has mostly replaced paper books at home as well.
I think that ebook readers are really great for school. You can download textbooks instead of dragging huge books around with you. Also, I have recently read an advertisement about World of Warcraft being playable from the iPad. That is intense too. So ebook readers are definitely getting more sophisticated.