The Kindle Voyage probably isn’t worth it for most readers at $200—not when you can purchase a very good Kindle Paperwhite for $100—but it’s worth your consideration at $120.
I own a Voyage, and I have to say, the pressure-sensitive page-turning “buttons” on the bezels are a pretty nice luxury that you won’t find on the Paperwhite. The glass front and ambient light sensor are definitely worthwhile improvements too. They’re all little things, but they add up to a reading experience that feels more natural, and a little bit less computerized.
For a limited time, Amazon’s marking refurbs of the Voyage down to $120. That’s $80 less than buying it new, and about $50 less than the usual refurb price as well. Plus, you still get the same 1-year warranty that you’d get with a new Kindle, so there’s hardly any downside to going this route.