Looking at http://www.bibleknowledgebookstore.com/bibles/electronic.html, most of the electronic Bibles look similar to my cell phone, which is something between a smart phone and a dumb phone. (And most cell phones can run a Go Bible just fine.)
On my Kindle I have the English Standard Version, which appears to be a pretty good translation. It is fairly easy to navigate, and it is currently FREE!
I also downloaded the HCSB--I'm not the biggest fan of this version, but again…free!
So you can get 2 translations for the price of a Kindle. Other translations range from $0.99 to at least $19.99.
Even in the easy-to-navigate ESV version, it's still faster for me to thumb through my regular Bible. I don't use the Kindle for church. But for personal Bible study I find it valuable. I don't know of any good notetaking apps on Kindle, but I downloaded the app Notepad for 99 cents and use it to type in my prayer requests.
Anyway, I think the Kindle might be worth the price if you JUST wanted to use it for reading the Bible. If you want it for other books, too, then it's a great purchase.
If you have a Nook, here are some free Bibles you can probably load into your Nook (and possibly other readers).