No, kindle reader is a phenomenal device. Very light weight, amazing battery life, and does not get warm. It's just that real e-book reader are black and white.
I would advice to go for kindle paperwhite. It has backlight so you can read in the dark too
Like brother TLK said, Kindle Paperwhite is excellent for reading purposes. For entertainment and reading, consider Kindle Fire HD, but for the price your choices open up to Galaxy Note, Google Nexus, etc. If you already have a tablet, just put a Kindle app on there and use existing tablet for books+Entertainment.