Well Apple didn't produce an ereader, they made a tablet device that does a lot of things, some better than others. Webkit is used by more than just the iPhone/iPad. Changes to it would affect a lot of devices, and certainly more than a simple .1 bump in the OS. Perhaps we'll see something in the 4.0 announcement, but i wouldn't hold my breath.
As for writing a new ePub renderer, why not? The Kobo app renders ePub books. GoodReader wrote their own PDF renderer. Stanza wrote their own ePub renderer. You make it sound like an impossible task.
Guess if you want a full featured ebook reader, get one, plenty of options. If you want a DVD player, you get one of those. If you want a dedicated game player, there is the PSP and NDS. If you want a device capable of doing a lot of things, the iPad might fit the bill.
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