Not once since it was first released have I really coveted a Kindle. Part of it is that it was ugly, yes. But more importantly, it destroys the most important part of the book owning experience for me. No, not the smell, or the feel, or the look of the paper and binding.
It's that for me, books have always been, and will always be, social things. I don't just want to read a book. I want to share the book. I want to lend it to a friend...or better yet, give it to a friend and encourage them to pass it on when they're done. I want to see the back cover of the book you're reading on an airplane, and ask you when you put it down whether you're enjoying it (or tell you how much I enjoyed it if I've already read it). I want the books on my shelf to create a visual impression on visitors to my office, one that lets them see at a glance what's important enough to me to keep it near my desk, how I've chosen to organize them, what themes of interest and specialty emerge. I want to take the books I've "outgrown" and leave them outside my office every quarter, so that the students can swarm over the pile enthusiastically and leave the floor empty in their wake.
The Kindle is a supremely selfish machine. It says the book is mine and mine alone. It can't be lent, or given, or shared without giving up my entire library in the process. That so fundamentally breaks the book experience for me that it kills any interest I might have in owning one.
Perhaps in the future I'll change my mind. But unless that future involves the removal of DRM from ebooks, and the ability to easily show the world what I'm reading, I doubt it.