@cedhax: As far as I know, Bluefire can only read epubs and pdf's. At the moment, on my iPhone, it's not functioning to open epubs downloaded from my local e-library, so I'm using the Kobo app there to read a book I have recently borrowed.
I happily use my Kindle app to read my Amazon books, and to me, Kindle is the 'gold star' standard when it comes to reading apps. It just works. I can create collections, my books all sync to point read in all my devices. I can annotate.
Kobo for epubs...well, it's a lot prettier than Kindle (nice themes and backgrounds, pleasing to the eye), but it's a little buggy in function. I would trade the pretty for smoother functionality.
Bookmaster looked nice when I saw it in the App store, but if I can't use it to read epubs without stripping the DRM from them first, Bookmaster is of no use to me.
My wish is for one reading app that works as seamlessly as the Kindle app does but handles ALL epubs, DRM'd and not. If Bookmaster can do that, it would be my go-to app for epubs. I would be willing to pay for an app that does that, too. I mean, the developers do need to make money from it.