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Most of my books are either MS Reader or eReader. I accept that the format isn't likely to last forever, but I feel that they are widespread enough that someone will produce a conversion tool if the original vendor disappears.
I am working through my eReader titles while I wait for MS to update MS Reader to support VGA properly. The 3 main tasks that I use my PPC (iMate JasJar) for are eBooks, PDA and email, of which eBooks is the main one. I don't have any desire to invest in a dedicated device, as I think the VGA PPC should be perfectly good to read on. (I do have a Nintendo DS and iPod as well, so I am not against a separate device where the advantages are compelling).
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