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As long as you don't compare it to a Kindle you will be ok.

It's an acceptable way to read for short periods of time. If your an avid reader as I am, a Kindle in addition to my iPad 2 is the perfect combination.

The kindle has perfect fonts, contrast, background and illumination level for inside, outside, wherever you choose to read. As natural as reading print material it truly is quite superior to the iPad experience.

For everything else, I find the iPad an excellent device.

(lack of flash notwithstanding).
 
I find the iPad 2 OK for doing a lot of reading. As a general rule I find it a good idea to take a break every hour or so and walk around a bit, get a coffee or something, regardless of the computer I'm using.
 
I find iPad OK for reading, it does not tire my eyes. However, the device will hugely benefit from resolution increase to, at least, 1600x1200. The fonts are readable but there is visible pixelation.

I am satisfied by the iPad as far as reading experience goes. The screen res is not TOO low for reading, it's ok.
 
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