The Sony Reader isn't all that much presence in the States, where the market is largely dominated by Amazon, and, to a lesser extent, Barnes & Noble. The Sony Reader Wi-Fi does go a ways toward keeping up with the competition, offering up WiFi, an touchscreen, and the Pearl E-Ink display seen on past versions.
The hardware is nice, though it doesn't feel quite as natural in the hand as the Nook or Kobo. The software also zips along quite nicely, and pinch to zoom functionality is certainly a welcome addition in the e-reader market. Unlike many other Sony Readers, the thing also does well for itself pricewise, at $149.