This isn't my first electronic book reader. I have been reading books on laptops, my old Newton, various Palm and CE-based PDAs, Smartphones (including my iPhones), and my Sony Reader. I think the idea of electronic access to my absurdly large library of books makes as much sense as electronic access (via my iPhone/iPod) to my library of music.
I think the Kindle, as aesthetically unpleasing as it is, may finally be a step in the right direction.
Rather than sprout a bunch of platitudes about how fantastic it is, let me just illustrate some uses I have put it to and let those speak for themselves: