As seemingly every media outlet has mentioned, Amazon released the Kindle 2.0, and the press fawning is more notable than the gadget itself. To be sure, its stats are impressive, and maybe this one will be better made than 1.0. Its big problem, however, still looms: DRM and software. You don’t own a “book” bought with the Kindle—you have a temporary license for it. If Amazon discontinues the Kindle, or declares bankruptcy, or has any of the myriad of other problems companies are susceptible to, your investment is as solid as the wireless transmission of the book itself.

To quote an earlier post:

Gizmodo tells us that we might or might not be able to resell “books” that have been “purchased” with the Kindle or Sony eBook reader. The scare quotes are intentional because whether the physical embodiment of words or the words themselves constitute a “book” hasn’t been decided, and whether one has actual control over a Kindle or eBook hasn’t been decided either. From my initial comments:

Furthermore, I know that I’ll be able to read my copy of A Farewell to Alms in ten years. Will Amazon still produce the Kindle or Kindle store in ten years? Maybe, maybe not. I have books printed a hundred years ago that have journeyed places I doubt their original owners could’ve fathomed. Most Kindles will end up in consumer electronic junk heaps in five years, just like most iPods.

To be sure, in a few circumstances the Kindle is superior, and Megan McArdle enumerates some here: “I don’t think it’s for everyone, but for a subset of people like me–people who buy a lot of new books every year, so that the half-price books make it cost effective, people who spend a lot of time in transit, and people who travel a lot for work–it’s a godsend.” If you’re moving every six months, or likely to be deployed on a Navy ship or sub, or tend to read any given book only once but read many books per year, the Kindle might be worthwhile. For the rest of us, its End User Licensing Agreement (EULA) makes it terribly unappealing.