I've written a short blog post about this experience:
http://neverfriday.com/?q=blog/kobo-store-ebook-restrictions-drm
Let me know if I should include snippets of the emails or if there's anything more that someone wants to know (about the checkout process, the types of applications they force you to get, etc.)
I found out today that Kobo has released some free/open source software but it's been patches made to the GNU/Linux distribution they use on their hardware. Basically, the things they're forced to release.