For those looking for a device strictly for reading, the new Kobo is a nice little option. It's small enough to slip into a pocket, can do more with a PDF than the competition, and at $129, it's $10 cheaper than both the Nook and Kindle WiFi.
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I use something almost exactly the same, although without the shnazy lock, as this for my cordless drill (weighs 5 lbs). Works great.
http://www.leevalley.com/wood/page.aspx?c=2&p=61614&cat=1,42207
You'd certainly look like less of a tool with this spider holster than with the cotton carrier.