Recs.
Updated
SpecsUpdate
Pros
Pro Great display
The Kindle Paperwhite has a resolution of 1024x768, which on a 6" display makes for a very nice 300ppi (similar pixel density to iPhones and iPads). The display is also backlit, which means you can read it at night. The lights won't bleed unless it's a very dark room,which is also less distracting than some competitors. The display also isn't glossy, which means you can read it outdoors without worrying about glare or other reflections.
Pro More natural white color instead of typical Kindle greys
The background of the Kindle Paperwhite actually looks white-ish instead of a very noticeable shade of grey which is common on other Kindles (and other E-readers for that matter), which greatly improves contrast (the text looks more distinct) and makes it more comfortable to read on.
Pro Can view PDFs
The Paperwhite can display PDFs, which is a nice utility to have. Even though scrolling has a very slow refresh rate, it's still usable. You can even pinch to zoom to enlarge whatever is on the display, and you can view it in landscape as well because the 6" screen is a bit small for portrait viewing.
Pro Kindle's UI features make for a smart reading experience
When you open up the options menu on any Kindle, along the bottom you can see an estimate of how many minutes left until you finish reading the chapter (great for seeing if you have enough time to keep reading, or if you should stop now at a decent spot), as well as how much longer it will take to finish the book. It also displays battery life, and how many pages you've read out of the total amount of pages.
Pro Customizable text and fonts for your personal preference
The Kindle Paperwhite (like the other Kindles) allows you to choose the settings that best suit your reading style. You can customize the text size (8 different sizes to choose from), font (6 to choose from, including a serif font), and there are 3 options for both line spacing as well as margins.
Pro Web browser included
There is an included web browser, although it's in an 'experimental' stage. It allows you to connect to the web, however because of the E-ink display the refresh rates are extremely slow which means displaying a new page or any moving parts on the screen don't look great.
Cons
Con Advertisements included with this Kindle Paperwhite
To keep the price low, Amazon has included ads on the Kindle Paperwhite. You can remove ads for an additional $20. If you don't though, they will appear as a screensaver (whenever you aren't reading they will display on the screen - this doesn't take power as the Paperwhite uses an E-ink display). They will also appear as a small banner on the bottom of the screen when browsing in the store.
Con No charger included in the box
Amazon doesn't include a charger in the Paperwhite's box. It requires a micro USB charging cable and a wall adapter which are commonly found for Android phones (although not the newer phones which use the new USB type C charging port). You can find these Micro USB chargers for fairly cheap, however it would have been really nice if Amazon would have included one in the box.
Con Paperwhite doesn't include any hardware buttons to turn the page
There is only a single physical button on the Paperwhite - and that is the power button. You will need to swipe across the screen to turn the pages, which not all users like. It's convenient to use a dedicated hardware button to turn the page, because you can hold the Paperwhite and not need to move your fingers to the screen to turn the pages.