I just tried out the Fujitsu FLEPia, which has been shown in 2007, talked about in 2008 and finally released in Japan in 2009. It's slow and janky.
The FLEPia is still the production colour ebook reader available, says Fujitsu. The problem is that it's really slow. Page turns take 1.8 seconds, and slowly loads from the bottom up. And because it runs Windows CE, the FLEPia can handle PDFs and Word documents, but they're slow as well.
The obvious benefit is that the FLEPia is its 4096 colour display, and, well, the colour isn't so hot. It's washed out and not worth paying such a premium for. It does have a pen-based touchcreen, but it's unresponsive as well.
So, Fujitsu should probably keep this version in Japan until they can figure out how to speed up the load times and make the screen more presentable.