Engadget reports Ectaco has introduced a cheap eReader at the Frankfurt Book Fair. The device costs $149 but there are a couple of serious drawbacks, the most important one being the 5" reflective TFT display instead of an e-Ink display. Other than that the device has just 100MB internal memory, and instead of an internal battery the device uses four AA batteries in a slot that juts out of the back of the unit.
Lesen.net got some hands-on time with the device, who noted it's got some heft to it for its size, but is still quite pocketable. Still, for around $150 you can probably get yourself an older Kindle or Sony Reader instead, but don't let that stop you.