What version of the app are you running, v5.4.1 being the latest. Plus what exact device and iOS version are the devices running?
Is it the fully purchased version of the book or a preview. I'm guessing preview as you say it chugs along for a time, and it is an 84MB sized epub.
I've tried the full copy of the book on my setup here and it download without any problems at all.
Can you please tap and hold on the book when it is in the download failed state and then select the "Delete Book" option. Then go to the website and look at the purchased or trash lists and see if the book is there. It should be on one of those lists, at which point, select the book and use the Bookmark / Undelete option to get it added back to your I'm Reading list. Then refresh the library on your device and see if the book then downloads.
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