Kobo Aura H2O has all i need! Display is indeed very good, text is sharp, Brightness of the screen can be always adjusted, though i prefer to read with the brightness set to 0 most of the time. I have to say, When sometimes I read in COMPLETE darkness Turning the KOBO lightning on, some light-yellow "bars" appear in the lower part of the screen, But They does not disturb me at all (remember some old paper books)! When I read in the evening with KOBO lightning on, but not in complete darkness thesis yellow bars are not noticeable at all, lightning Actually is very soft and makes reading very comfortabe ...
As to other characteristics:
1. I had no problems connecting to the eReader Wi-Fi and Registering it;
2. microSD card did not even come into question yet (with my hundred-something books currently uploaded i do not even use 1/10 of the built-in memory);
3. I absolutely love 6.8 inch screen - it feels more like an actual book and not just a big smartphone (It does not fit in a pocket though, but fits perfect in my small bag lady);
4. I have not had a chance to check the waterproof qualities yet;
5. it takes maybe 5-10 seconds for device to turn on and another maybe 5 seconds to open the book, but this is not long in my opinion, it's an eReader, not a computer;
6. Turning Pages is easy and one can set different screen refreshing options (in my case screen refreshes every 6 page turns, one can refresh the screen during every single page turn if necessary);
7. Last Time I charged it was a bit more than two weeks ago, i read Regularly, sometimes with lightning and the battery is 54% charged silent today.
CONCLUSION: Kobo Aura H2O was quite expensive for me, but I really enjoy it! Reading is very comfortable, quality of the device is very good! I would recommend it to Those Who are ready to invest a bit more money in to eReader and who want to read in epub / fb2 without converting the files all the time.