In most ways, I agree. I'd bought the Elipsa with the intent that I'd use it as a note-taking device with the bonus of having a really big screen. I still love the really big screen and use it in preference to my Aura One (6.8" screen) except while travelling. I still prefer to read without reading glasses, and having a 10" screen means that I can embiggenate the text enough to read comfortably while still being able to fit more than 10 words on a screen.
As much as I like the size, I was horribly disappointed with the stylus and note-taking functionality in the Elipsa. There's a major lag (no real ability to measure, but feels like .3-.4 sec) between the location of the stylus and the position of the line. It's horribly distracting in use. Contrast with my Apple IPad Pro with Apple Pencil. Even though the IPad screen feels much less like paper than the Elipsa's does, it's much less painful to take notes with the IPad simply because there is zero perceptible lag between line and pen position.
Another "gotcha" mentioned in the fine print is that you cannot annotate non-Kobo epubs in an Elipsa. If you upload a bog standard, regular, non-DRM'ed ePub, the Elipsa will refuse to allow you to annotate it with the stylus.
So for me, I've used the Elipsa's stylus to annotate some programming guides I've bought from Kobo and that's about it.
Bottom line - The Elipsa's a very good ePub/PDF reader with a very poor stylus/handwriting recognition system.