Somebody has to be the first to try it and spend som R&D on trying to get it to work.
During the last summers I've been reading and commenting at HN and other forums at the beach with the lousy browser on my ultra-slow Sony PRS-T1 e-book reader.
It's a pretty terrible experince, agreed. Scrolling and waiting for eink refresh every now and then, text input is laggy. Still I do it since it is so easy to read in sunlight!
I'm sure with a faster CPU to render webpages quicker and some engineering ingenuity to perhaps allow quicker refreshes but lower contrast it could become a real product for early adopters.
I'd be willing to pay $500 for something that is just a step above the current terrible level, and if it works great and is hackable maybe $1000.