Bed Bath and Beyond currently has the Sharper Image Literati eReader on sale. The device is on sale for $39.99 in stores and online. The reader originally sold for $199 when it first came out.

The Literati is an entry level, color ereader with WiFi. It reads ePub, Doc, PDF, and txt files and is connected to the Kobo online bookstore. It is also capable of borrowing library books using the Adobe Digital Editions software.

The reviews on this are varied, with particular complaints about the WiFi and book upload functions. You can see some of the reviews at Good eReader and  CNET.  Here’s an interesting video review from a recent purchaser who picked up one for $50.

I am extremely happy with my Kindle.  I don’t currently borrow ebooks because the local libraries in my area are not yet making ebooks available, so that has not been an issue.  I would, however, be interesting in trying both a color device and one capable of borrowing books. For this price, I took the plunge and just ordered one for myself.

Update for Feb. 7. 2011:  Bed, Bath and Beyond’s website is now showing this item as sold out.

I have posted a review of the device here on the blog.