Though I have an iPad, I'll never abandon my Kindle simply for its size, portability, and the fact that I can read on it for hours (no glare, and I can read it in bright sunlight, with no eye strain). It looks like real ink on paper, but without the grains and texture of paper. One reviewer put it perfectly once, "it's like the perfect piece of paper, with no flaws, but perfectly legible ink".
...More importantly for my student budget? The latest bestsellers are no more than $9.99. Always. Yay!
When it comes to designer Kindle cases (all for the current, latest-generation Kindle 2) there is a monopoly (trifecta?) held by the prolific Diane von Furstenberg, Kate Spade, and Cole Haan. Some cost as much as the Kindle itself, so are definitely not for the feint of heart, but are über stylish. I know that I'd be quick to pop this out on the bus without hesitation if I owned any of the above cases.
Which one is my favorite? It's a tie between the perfectly-pink patent Kate Spade, and the signature print DvF at the bottom.