If you want a secondary book reader, a PDA is - IMHO - a far better choice than an iPhone. With both Palm and Pocket PC devices one has a choice of a wide variety of book reading software which gives you access to all the popular formats, both DRM and DRM-free. I am very happily using MobiPocket Reader on my HTC Smartphone.
None of these devices compete with a dedicated bookreader, but that's not their purpose, of course. Their value is to let you read for 10 minutes in an odd moment during the day; a device that you'll always have on you.
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