They do seem to keep the fonts too small, don't they? My pet theory is that the publishers are mandating the sizes, and haven't really 'gotten' that the Reader's display is actually smaller than a 'book' page.
Your point about the e-vailability is well taken, but I was trying to answer the question in general terms rather than in terms of e-vailability, since that's the way I took the question to be meant.
But, yes, e-vailability is still rather a significantly limiting factor.