I actually browsed mobileread.com a lot during the long train trips to and from auditions and found it to be quite okay on my smartphone. That was before the "design change" and there was a little linke called "mobile version" that gave me good results.
I have not really tried much, but since the design change it seems to be working a it slower but still does work.
I'm using a WM5 smartphone with a small, square screen (look up the Fujitsu-Siemens T830) and mostly I have a GPRS connections since UMTS is not that widespread here...yet...

But a more WAP optimzed version would not do any harm...