Clearly that's not the case. Do you see that menu at right which shows a bunch of different reading apps? Yeah, the T1 isn't supposed to be able to do that.
Update: And now you can hack the T1.
My newest best friend sent me a link to this video this evening. As you can see, the Sony Reader has been hacked and it's now running AWLauncher and a bunch of different reading apps. (I kinda wish that they had included the Kindle app; that would have been funny.) The video isn't all that great, but it does show that the T1 is well on its way to joining the Nook Touch as a 6" Android tablet.
But the hacking is still a work in progress; not all Android apps can run on the T1. Angry Birds, for example, will crash. Still, this is excellent progress.
Update: I've heard back from the hacker:
The hack is in pretty early stages. Not ready for release yet. I've run CoolReader, FBReader, ReLaunch, AWD.Launcher, Android Terminal, that's pretty much it. For some apps the latest and greatest version wouldn't work (CoolReader, Terminal), but for FBReader the latest "stable" version crashes while the "experimental" 2.0 alpha works quite well.
So now that we have 2 hacked 6" Android tablets (Nook Touch and Sony T1), which do you think is better? I'm leaning towards the Sony becuase of the extra buttons, included stylus, and becuase I think it's a prettier design.