Pretty neat idea, and works as advertised. The downside to this, is that every time you close the application, it loses your place. it would be nice if they integrate this with normal e-readers, so you could read all of your stored books in this format.

An update was pushed to iSpeedRead that lets you save the book, chapter and place you were reading. I have also added Sherlock Holmes. A new update to stream RSS feeds and import text files is in the works.