If there were a law preventing you from copying the text, now that would be a problem.
But there is no such law as far as I know. In fact, I live in a country where, so far, such copying of any book is expressly authorised as long as it is for private use.
As for the kindle, I don't understand which of its function couldn't be performed just as well by a small laptop, but I barely know what it looks like, so I may be wrong.
The principle selling point of the Kindle is that you can read for days on end without hurting your eyes. Laptop screens tend to hurt people's eyes a lot when used for reading many hours at a time. It's also smaller, lighter, more convenient and far cheaper than any laptop.
> but I barely know what it looks like, so I may be wrong.
You're being downvoted because you're talking about things you know nothing about - things that take < 5 seconds to find out. Please do some research before taking time to bash products or complain on HN.
At least that's what it does for me. I am careful to only buy books that I am okay with not reading multiple times (ie, if Amazon yanks them or Amazon itself dies), though.