The picture at right shows the iriver Story K. As you can probably guess, the Story K is the same hardware as the Story HD, which launched in the US and Europe last spring. I've found a plethora of unboxing videos on Youtube, and even the packaging for the Story K is the identical to the box that my Story HD came in.
It has a 6” E-ink screen
(768x1024), SD card slot, keyboard, Wifi, and from the videos it appears to be using the exact same menus as the Story HD. That suggests that it might also have the same reading app, but I won't know unless I get my hands on one.
Update: A commenter has reported that the Story K is using the lower res 600x800 E-ink screen found on the Kindle, Nook, and other ereaders. That could be why it is cheaper.
The Story K shipped earlier this month, and like the Kyobo Mirasol eReader, it is tied to the Kyobo ebookstore. That's no surprise; the Story HD is tied to the Google ebookstore and Google hasn't expanded into Korea yet. So instead iriver partnered with Kyobo, who is up and coming ebookstore in the Korean maarket.
If my source is correct, the Story K is selling for about $88. That's nice discount from the price of the Story HD, which is selling for $99 in the US.