I'm also a smartphone reader, having graduated from PDAs which I read on for years. One of the best things about the smartphone/PDA route was the ability to load multiple reading apps onto it, allowing you to read from multiple libraries. And of course, portability can't be beat. I never had problems reading on the hand-sized screens (Windows-based devices featured ClearType for improved text clarity, and I use it religiously).
I now have a Nook Color, which I got for magazine content. I've also used it for ebooks, but I don't prefer it over my smartphone for ebook reading. The smartphone is still easier for me to use.
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