Mirasol supposedly has better power usage characteristics than E Ink, and does color and full-motion video to boot. It's also basically ready now, with Qualcomm promising both 5.7 and 10.5 inch tablet/readers using the display by the holiday season.
To see the Mirasol in action: http://www.youtube.com/watch?v=jmpBgaPGYKQ&feature=playe...
The rumor is that this is the display that will be found in the next Kindle, but who knows for sure.