If you don't mind line-by-line or paginated scrolling, it will be fine for most applications. Not video or gaming, of course, but software development, web browsing, email, word processing, and spreadsheet editing are by no means unusual use cases.
Software development and web browsing seem like they would be a bear (depending on the software you're developing I guess, anything with a GUI would be tough). A touch based OS would be a must, cursors would be way too laggy.
For reading either, perhaps. But the refresh rate is waaaay too slow for it to be comfortable for you to type on for interacting with IRC. Just invoking man would be painful enough.
It's plenty comfortable on my kindle touch - it doesnt do fullscreen redraws, so generally if youre comfortable with a tiny bit of typing lag it's fine.