Yes, it is very basic, I already tried it, and didn't like the results at all.
I don't have a Windows installation anymore, so, I'm looking for solutions for Linux, and, there isn't any, that I've been able to find, that does what I need. Maybe with the rise in importance of the eBook market, somebody will give some attention to this.
But, the solution can't be a locked app, that you can only use with DRM'd files, and only from one origin. I don't much care about the format in which it works, as long as a converter for other formats is possible and available.
But, the application MUST be nice to look at, provide tools for bookmarking, library indexing, have a configurable reading interface, allow automatic page scroll (configurable), support for large and small monitors, and also high and low resolutions.
Ok, I know this is probably unreasonable, but, if Linux wants to be an alternative, applications must step out of the functionality closet and embrace a larger view. It doesn't have to start PERFECT, but, have that has a goal. For an app like that, I don't mind to pay, I would insist actually. But, I don't think there is developers in Linux interested on that, they prefer to reinvent the wheel and make redundant media players, forgetting that eBooks, it's also Media, like eMusic & eVideo.
So, test it has much has you want, but, the video on the presentation of Kobo, says it all. You can sync it to phone, but only with their own app. They only support their own bookstore, and I saw no access anywhere for external files. That, for me kills it.