The new $119 Kindle Paperwhite has a 300 ppi screen, just like the one in the $199 Kindle Voyage. It also includes support for Amazon’s new typographic engine, with features like their all-new Bookerly font and hyphenation, which will be added via a future software update.
Compared to the Kindle Voyage, the only features the new Paperwhite doesn’t have are the glass display, the dedicated page-turning buttons and the auto-adaptive brightness technology that automatically adjusts display brightness depending on ambient lighting conditions. Those are all nice to have, but definitely not deal breakers. For my money, that makes the new Paperwhite a fair better deal.