I read very much using my iPhone. I've completely stopped reading "normal" books, newspapers and magazines because of the iPhone.
With some great apps like Stanza (for ebooks, text files, PDF's & more!) and Instapaper for all saved web pages that I want to read
later, you Can have a reading pleasure even greater than with books and magazines.
With Instapaper for example, you Can lay on your side in bed while reading without even the need to turn the page because of the built-in
auto-scrolling feature!
Works perfect.
You don't need any light because of the iPhone screen light, and you Can make the Instapaper background dark with white text that is much
easier for the eyes.
The latest version of the iPhone Twitter client Tweetie added support for Instapaper!
So now I Can add the linked pages in Tweets that I want to read later, directly from Tweetie. Very useful.
Info about Instapaper from the Knowledgebase: http://cli.gs/instapaper
Info about Tweetie from the Knowledgebase: http://cli.gs/QhQMrW
Link: http://www.instapaper.com