Welcome to precentral - I'm pretty new to posting around here, but I've been lurking for a long while. I've been using webOS since its release a long time ago.
I can't answer your question about the ebook reader stuff. I tend to think that it wasn't meant to be an ereader, so that probably isn't/wasn't a priority for HP. It has Kindle, and it seems to work well for me. I use Adobe along with Box.net and the Homebrew TB File Transfer. It works very well for me to view meeting agendas, budgets, and meeting minutes for my job. Works well and smooth. I have downloaded a couple of ebooks, but I guess I didn't know what other features to expect out of adobe. Again, Kindle does these things you are asking about.
Other things that make my tablet useful (and I purchased first day of pre-order) is VPN, Facebook, watching gamecasts during meetings =), RSS feeds, Skype with my kiddos, contacts (I left my Palm Pre at the office yesterday, but still had all of my contacts right on my TP so I was able to call the babysitter (yay synergy)), and of course a few games here and there - I can't keep my two boys from fighting over it....and yes, my 18 month old knows how to turn it on, unlock it, and get to his game...its user friendly!
the Homebrew crew seems to be working on a reader -maybe that will work for you sooner than later. If this doesn't make you happy, please go to http://forums.precentral.net/hp-touc...touchpads.html and consider selling it to someone who really wants one.