Finally, Amazon decides to release the latest Kindle in India! Maybe they are refreshing the Kindle line in the US :)
Having said that, this is the best e-ink devices out there. It is faster than the old version. The lighting has been improved, so its more even. The previous version had uneven lighting. As usual, Amazon's eBook selection is unmatched. So if you want an e-ink based reader, this device is really a "no-brainer" buy! Having owned both devices, I find this much better than the kobo glow. The Kobo is a good device by itself, but looks "blurry" when placed alongside the kindle PW 2.
The only reason for 4 stars is the dark line at the bottom. You don't really notice it at first, but can be disconcerting sometimes, if you do. Watch out for dark spots on the screen though. If you have some, then you should exchange it while in warranty. Amazon does that in the US and hopefully here as well.
Just one word of advice - If you are an avid reader and are looking for a dedicated book reader, this is for you. For those looking for all round multimedia capability the multitude of android tablets, ipads, etc are the way to go. Nexus 7 (2012) is best bang for buck today.

Update: A few grouses after using the Kindle for a couple of days:
1) Amazon has blocked the "feature" (if you can call it that) wherein you could create collections and add books automatically through a calibre plugin. Now this has to be done manually. Wish Amazon makes it easier to manage collections. The current mechanism is very laborious for folks who have 1000+ eBooks (collected over the years)
2) After using the older Kindle for many years, I miss the hardware buttons on either side that were very convenient, regardless of which hand you held the kindle in. But if you hold the paper-white with the left hand,it can be pretty irritating to turn pages. Not a deal breaker, just needs getting used to.