Overall size is similar to a large paperback, so its is in the right ballpark, but as for whether it's perfect for you is subjective.
Other things you should consider are how you'd hold the tablet or if you'd get a case, what position you are mostly to read in (laying down on your back, sitting up, etc) and overall weight of the tablet. These all contribute to comfort in holding for reading.
Personally, I'd say that the Kindle paperwhite is better for reading, but the nexus 7 is a good all around device.
I am using it mostly to read books, it's decent size in landscape mode even for most pdfs with cropped margins.
And I also watch videos often, especially programming tutorials, there are some players in Play Store that allow to zoom on, so it works fine even for those that are recorded with smaller font size.
I have an 8" kindle that is great for reading, 8" is as big as id ever want in a tablet, and I could see wanting a 7"
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for book reading works great. for magazines I find you really need at least an 8 inch tablet and 10 is better. reason is magazines have content in small columns which when shrunk down to fit on the screen you have to zoom but when you zoom you have to read down move back up. it becomes cumbersome vs the physical paper version. books though work great as its just text that the tablet can resize format to fit your screen ideally.
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