I bought the iLiad exclusively to read PDFs, you can make pdfs much more good looking (layout, pictures, etc) than HTML (ok, you could do: by just putting a full-page image on it :-) )
If I would go for HTML/TXT, then I would have bought an Sony, because for those formats, the screen-size does not really matter, you just have to flip pages more frequently.
Furthermore, I started to read those free daily newspapers on my iLiad, and they are only available as PDFs...
Also on my Mac, I can "print" to pdfs from any application and have full control over the layout and even the font type-face (as pdfs embed fonts, which are non-standard)
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