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The only thing I'd read on an iPhone is a phone book!
Crossover tools have never been succesful at gathering media market affluence. Dedicated tools do. Music and iTunes were first on a dedicated MP3 device. I believe books will be poularized to dedicated book readers when they leave the computer symbiosis, and when input becomes a more familiar approach to use them.
You might use a smart phone for occasional time wasting but not for dedicated use, unless it's to phone.
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