Yes, it turns the e-book reader into a tablet running Debian.
But, the main interest of doing so, from my point of view, is not to start
using the e-book reader as a tablet. But, to free your e-book reader of
proprietary software, so that you can read your e-books without having to
worry about your reading habits being recorded.
(http://online.wsj.com/news/articles/SB10001424052702304870304577490950051438304)
Concerning the hardware, I can't remember now the specs of the different Kobo
readers. But, you can find them online.