Pros and Cons of E-Readers?

I'm trying to decide on a e-reader but am suck between two, Amazon's Kindle or a Kobo.

I was told that the Kindle was a waste because if they stopped carrying a book you'd lose it even if you paid for it already. So that made me lose interest but I can't find any information on it so I don't know if it's true.

I just learned about Kobo but it seems to not only have a better price but more options for text format, a better screen, and lighting.

I don't want to spend more than $150 but I really want one. I only need it for reading, nothing else. I love reading and books are expensive and the digital copies are just pennies in comparison.

Please let me know which do you think is better and why.

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