I received my ad-supported Kindle on Friday, and due to the Beale Street Music Fest, I haven't had a ton of time to play with it. Since its just like the regular K3 besides the ads, I won't elaborate on all those features, but I do have some initial thoughts about the ad-support features.
I really don't mind the ads so far. The screensavers are something that I rarely pay attention to, so I'm not at all concerned about those. When the Kindle is awake, you see the ads on the bottom of the home screen (both the main home page and when you are inside a collection). You *don't* see the ads when you are in a book or when you are adding/deleting books from collections. A few pictures:
The ad you see on the home page of the Kindle when you wake it up coordinates with the current screensaver ad, like so:
I've already seen one offer I wanted to take advantage of:
When I woke the Kindle up, I toggled down to the ad at the bottom for the gift card and selected it. It took me to a screen where I had the option to have the offer emailed to me (it goes to the email associated with that Amazon account):
Pretty nifty, I think. If they frequently offer deals like this gift card one, I don't think I'll regret getting the ad-supported version.