I use Comix for reading Manga right now, while not quite as comfortable as it could be (I need to see if I can change the controls a bit) it works fairly well. I own a Kindle 2i so there is little comparison as the Pandora screen loses in so many ways. One notable for me is the peculiar glossy/rainbow effect that generally doesn't bug me but while reading much of anything it gets noticeable, clearly an artifact from the touchscreen.
I won't be taking notes on it with the programs I've come across. What I want would generally serve well for black/white sketches, loads quickly, and is easy to erase the current screen as well as requires the use of something like file to do more then just save the current notes into a file/set of files with the days date and numbers.