My advice: Spend even an extra $50 ($199 total) and get the Kindle Fire. It will do so much more, even play movies that Apple’s IPAD won’t play. And it’s a color touch screen.
The Fire is a nice looking machine, and the screen is color, but battery life on the basic Kindle is hard to beat. I have the basic $79 ad-based model and with the e-ink display, I only charge it about once a month. I use it every day commuting... on the subway!!!... don't want you to to think I'm driving while reading! ;-)