I think the bigger the size of your screen, the more typography and layout matter. If you're reading on a phone, you pretty want just the text, ma'am. On a 6" ereader, you want a bit more presentation. On a tablet, you want something closer to a printed book while still being able to choose your own main font type and size.
Currently, ebooks are pretty much targeted for something like html 3. That will change (maybe people don't want it to, but it will.)
I split my reading between kindle (day) and ipad (night). On the ipad, I use Stanza and enjoy playing amateur publisher.
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