E-ink is okay for reading novels or anything with lots of (and only) text, but not for reading magazines or anything with graphics/color. Smaller also is not the answer here. 16:9 also is poor for reading. How many printed books, magazines, etc, are you aware of that are in a 16:9 or 9:16 ratio?
16:9 is fine for viewing movies or television programs, but why would I want to do that on a tablet (or a laptop)? That's what a TV is for.
Yeah, most of the material I want to read is pure text. E-ink is the best for that, and much easier on the eyes. Magazines (or content with color/images) is where a tablet comes in handy, absolutely agree. I guess I am in the minority when I much prefer 16:10 for reading websites (hold it landscape), magazines, and enjoying video content.
Don't be so close minded. Everyone has different needs - I'm on the go a lot and I value having a tablet on flights, hotels, etc. When I am on the go, I typically have my phone, a laptop (Macbook Pro or Surface Pro 2), and a tablet. The tablet is the perfect portable device for watching a show/movie without the hassle of watching on a small screen/destroying the phone's battery life, and also don't want to start up the laptop because it's too big. If I'm home, I'll default to the TV, but sometimes I like to catch the occasional TV show/movie in bed.
Either way, no one is wrong. If you like 4:3, great. If you like 16:9/16:10, great. You have options regardless of aspect ratio preferences. I own an iPad Air and a Nexus 7 2013, so I have plenty of experience with both ends of the spectrum. I much prefer the 16:10 aspect ratio on the Nexus 7 over the 4:3 iPad Air.