Jeannette Hynes' Book Club, etc.

I love books. I love the smell of new ones. I love reading an old favorite, or loaning out a new book to my friends.
With that said, I’m venturing out into the world of paperless reading.
I’ve downloaded my first book onto one of those electronic book devices (I won’t tell you which one yet). My children are enjoying turning the pages just by sliding their fingers on the screen. So far, I’ve enjoyed the fact I can read to them in the dark, and I am still able to see every word. Side note: Printers could remember to try to not print dark letters on a dark picture – very hard to read in a dark bedroom.
Anyway, it’s one thing to read a chapter or two to my children. The real test will be whether or not I enjoy the e-reading experience on a book with no pictures.
I can see all the good: instant access to books, no shelf space required, an automatic book light, not having to hold a book in my hand. But I’m anticipating the not-so-good: hard to share a book with friends without loaning my entire device, not being able to hold a book in my hand and turn pages. Plus, what will I do with all of my favorite bookmarks? No need for them now.
I’d like to hear what others think of these e-book readers (Kindle, eBook, iPad, etc.).
I’m just getting started on this adventure. Give me some guidance.