iPhone site: N/A
App Store Link: 
Cost: Free for the reader. Fees vary on the books.
Now this is what the iPhone has been missing. An ebook reader. I had this reader back when I used to use a Palm and had bought a few books for it. Not a lot, but a few. But other things ended up replacing my palm until I just quit carrying it after about 5 years. At that point a battery charge would last about an hour. Keep in mind this is a 1.0 version of the software so there are still several kinks to be worked out. You are unable to load your own content at this time. Currently you can only access ereader.com and fictionwise titles. The website states that the 1.1 version should be out by the end of July and that it will support loading your own titles. (Source: ) Then it should become more popular with the masses. Also there is not currently a way to add a bookmark to your book. It auto opens to the last page you had opened, but I use it to mark interesting passages, etc. Swiping left and right turns the pages which is really cool. Also I know @Lethann likes a white font on a black background, but it is currently black font on a white background (my preference) without an option to change it. You can install dictionaries, but at $30+ per dictionary I probably won’t do it.
Suggestions for improvements:
-Load your own titles (supposedly will be implemented in the 1.1 release)
-Ability to change background color