To further muddy the waters, let me suggest another logo variant: A book that is obviously a book (as in not electronic), held in a hand, such as Steve and aapezzuto have depicted, but with an antenna and perhaps the rings to indicate that this plain old books is somehow electronic. The contents of the cover could be chosen to emphasize MobileRead (some presentation of "MR" perhaps), or to further emphasize the joining of old and new, in some way.
I'd draw it, but drawing isn't one of my skills, I'm afraid.
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