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There is a choice of fonts and sizes (and your choice is remembered, unlike on my older Sony reader), although they don't go as large as the Kindle's and the writing is quite faint at the smaller size (so, not as good for those with reading issues that require large sizes and very dark text). I have an original Kobo and the main difference, other than color, is the addition of wireless to access the Borders bookstore. If you are in Canada or just prefer Kobo's own bookstore, you can sync to the Kobo desktop software instead and you'll access the Kobo store and your bookshelf there, instead. Personally, I just keep my books in Calibre (even DRM'd ones, even though Calibre can't read them) and use it to manage the books on my Kobo. I am tempted, though, to get one of these while it is on sale (too bad the lavender reader is white and silver on the front, but the black ones is a monotone that won't distract from reading).
I asked in my local store - if you keep the box and receipt, they should allow you to bring it back for a full refund in the first 30 days (this is generally NOT true online) and they are planning to honor any exchanges for defects in the first year right in the store (or for two years, if you buy the $50 extended warranty/case/screen cleaner bundle that also has a free coffee coupon inside).
If you are in the local store, don't forget to print this coupon