@caleb: While that's cool, I am not going to merge your changes into trunk. An online reader in calibre has to be able to handle all formats and use something like the monocle project to display the text in book form. It must further support bookmarks and be multiuser enabled (i.e. remember last read position and bookmarks per user). All that will take quite a few changes to the content server, and as such is on my TODO list for the future.
In the meantime, feel free to post instructions here for people to run calibre from source with your changes.