So far, nice app for ePub (I'm on an iTouch 3rd gen, with iOS 4.1), but PDF isn't quite there for me yet. I'd need to see the text in a readable font size, not just the page image (small screen, "mature" eyes). My big priority right now is finding a reader app that copes well with both ePub and PDF, since running PDFs through Calibre (or anything else) tends to have somewhat spotty results.
In ePub, text is very clear and readable, and the controls are easy to use. Like the choice of page switching effects, too.
Great start with 1.0, looking forward to seeing future developments.