Well for shorter texts it is fine, likely ideal. Most iPhone users have ADD so they won't be reading more than a few pages before swapping to IM and other apps. The gizmo does so much that no single app is used for a longer period of time.
Thus the "real" reading where you sit down to read for 1+ hours a book cannot be done. That is when battery life and active screen shortcomings come to the forefront.
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