A lot of folks clearly agree with you, Münchener.
The old logo (as I understand it) was created when MobileRead focused a lot more on phones, and some PDA applications. At the time, the phone thing was fairly representative. But things have changed with the advent of dedicated e-reading hardware (and some dandy multifunctional devices, such as UMPCs, that are pretty nicely serviceable as readers too) that folks can, and are getting excited about.
Which is what prompted us (Alex, actually) to start talking about a new logo in the first place.