I had the opportunity to play with a coworker's Kindle and it is in fact pretty cool. It isn't a huge screen but probably equivalent to the text on a typical small book, like the size of a Harlequin romance novel or my equivalent - the trashy sci-fi novel.
So the Kindle is interesting in that it raises the question of intellectual property and how that differs when it is a printed material in your hand as opposed to a set of bits on an electronic device. This is an issue society is still working out. IP is different than physical things, it just is. But in order for humanity to progress, people need to profit from it in my opinion and so such property needs protection of some kind. We're struggling right now as a species to find that balance.
There are detractors as always but I'm not sure how serious they are about it. But then there is the DRM management complaint, which is perhaps more serious.