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I totally agree. I really like my iPad for a lot of things, but it has been disappointing for pleasure reading of books because it is just too heavy. Given that my primary use case will be reading, I now have to decide between a Kindle Paperwhite or the iPad Mini, with the one additional input that my kids would love to have another iPad in the house.
Get the Paperwhite. It's wonderful to read on, in any light. I've had a Kindle Keyboard, Kindle DX, iPad, Nexus 7, and Kindle Fire (original and HD), and the Paperwhite is far and away the best device. It also fixes a ton of the refresh-related issues with the recent Touch generation. The only downside is PDF viewing, which you should still leave to device with more serious CPU and some auto-crop and fancy scrolling…
I wonder how well PDFs render on it.