Hi Chris,
I found a Kindle app on my phone (Droid X) and enjoy it, at least the free classics. Washington Irving and Sun Tzu, so far. No Gillespie or King on the free side. It's cool to be able to read a few pages when you get a chance without having to remember to bring a book along.
Haven't tried any other formats yet, still finding my way around the new phone.
It's OK considering the size of the screen; if I had a lot of reading to do I would probably go with a tablet as Marty suggests.
Generally a great idea if you live life on the run, but if you're parked in your library complete with pipe, dog and fire, it's tough to beat a hard cover.
Cheers,
Walter