Any Kindlers out there?

My love of books and the space available in my office have reached a sufficient point that other options should be investigated (plus there are afew boxes of more still in my parents house I have to reclaim at some stage).  Selling them seems too much like hard work. Giving the books I possess away is unacceptable (should be a birching offence) and yes I know I'll never read that book about Japanese war atrocities and that one about Chechnya again but it is the eleventh commandment that you do not give books away. 

Therefore my mind and general nerdery is edging me towards the technological solution aka the new Kindle.  This would solve the space issue as well as probably enable me to increase my book purchasing without the missus noticing so easily.  There are also a couple of present opportunities coming up so I could ask for it as my preferred gift.  However, I'm interested in the experience of fellow bookophiles who have made the transition from paper to electronic.  Good idea or bad idea? Pros and cons?  Or is a relapse to the real deal likely with another piece of gadgetry and charges to add to the pile?