Kobo desktop app released, not quite up to Kindle or Calibre standards
Like the Kindle desktop software, Kobo lets you make purchases and read your e-book collection. The Kobo bookstore has loads of titles for sale, and it also features free and cheap book sections (which appeals to the discount/used book hound in me). The reading interface is clean and simple, but the app is still a bit rough around the edges.
For example, Kobo Desktop provides only synopses -- there's no preview reading via the contents tab as there is on the Kobo Web store. Unlike Calibre and Kindle, you also can't search your library at the moment (or search text within books as you can with Kindle); you're limited to displaying items in alphabetical order, either by title or by author.
Right now, I'd probably stick with Calibre if you're using a non-Kindle e-book reader -- even if that device happens to be a Kobo.