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E ink is a completely different screen technology than LCD/OLED and many people say it's more comfortable to look at, though it definitely has limitations like black/white on most models, low refresh rate, etc. It's the same screen as used on Kindles.
Here's a quick showcase of many common Android apps being used on eink:
https://www.youtube.com/watch?v=dvO9ScTdwz8
It's biggest disadvantage is poor USA cell reception, but Bigme is releasing b/w and color eink phones soon and they say it will work in USA. But I think the beautiful and easy on the eyes screen is worth it even just using over WiFI.
Bigme announcement video, it says USA support in comment: https://www.youtube.com/watch?v=ezRu-SkhuBo