Cory Doctorow says it way better than I could articulate and I agree with every word. The uneasy relationship I have with my Kindle stems directly from the fact that I do not own the content on it. I can count on the fingers of one hand how many actual books I've paid money for on my Kindle, as opposed to downloading Project Gutenberg Kindle-friendly editions from Amazon.
As Cory says:
"There's no such thing as a proprietary book. There's no such thing as a license agreement necessary to read a book. Books are governed by a social contract that is older than publishing, older even than printing. The recent innovation of copyright in books recognizes the ancient compact between readers and writers, and protects your rights to own your books, to loan them, to give them away, to resell them, to read them in any nation, in any circumstance."
Please, please read the full blog post.