Acer is late to the ereader game with this Kindle clone. I has a 6" E-ink screen, keyboard, Wifi (3G on a later model), 2B GB storage, a browser, and Acer has already signed with the B&N ebookstore in the US, and Libri.de in Germany. It also comes with an ISBN scanner (I'm looking forward to when this gets hacked) so you can scan the ISBN of a book you're interested in and Google it.
The LumiRead is supposed to be out in late summer or early fall, and there was no word on price.
P.S. I find it rather odd that Acer announces an ereader after having shelved it 3 months ago. I doubt that we'll ever find out why, though.