The books were 'Alice in Wonderland' which came with the eReader app and 'On Basilik Station' which is available on the Baen Free Library. The interesting thing is that I read both books in about a week which is unusual for me these days. I have a lot of distractions (usually the net ) and I tend to be slow reading books unless the book really grips me and I was wondering about that. It occurred to me as I was reading books on the iPhone that I had returned to a reading pattern that I had as a teenager when I always had a paperback in my pocket and I took it out and read it whenever I had a quite moment alone. In this fashion I got through quite a few books.
My reading rate did not really diminish until I left college and most dramatically when I left fulltime farming and entered the computer industry as a developer. At that time the commutes were longer, I was reading more technical books in my spare time and paperback were no longer in a size that one could put in a pocket.
I also developed an addiction to fanfiction and D&D forums, that did not help either but the size of the books was a big issue. Now the books sit in my room and occasionally I read the book but when it is put down it could stay there for a couple of days.
Now as to reading on an iPhone, well what is it like? I hear you say (maybe not, not sure if anyone really reads this :)) I was somewhat surprised, it was not bad. 'Alice in Wonderland' lost something as the drawings were really too small on the iPhone screen to have any real impact but 'On Basilisk Station' was fine.
I could see me reading a lot more on the iPhone, though I will be sticking to free stuff for the while.
I have not tried reading in the iPhone outdoors but so far it works pretty well in all indoors conditions that I tried it out in.
So overall verdict, I could see myself doing most of my reading on the iPhone only buying hardcopy for books I really like and want to permanently add to my collection. I could also see me buying books and reading the electronic versions. I would like a larger screen but I have a feeling that the iPad is possibly a bit too large. I really want something about the size of a paperback.