Re: Unless I'm missing something:
From other sites:
No MicroSD, OTG, Bluetooth, HDMI, GPS or 3G
One front facing camera (720p)
USB charging seems to be "unsupported" it might work but to quote their support page "Always use the included wall charger to charge your Kobo Arc; it may not charge at all or charge very slowly if you use a computer and USB cable (not included)."
Basically very limited unless you want is purely as a reader. (Which, to be fair, is how they are marketing it).