I love the Reader feature on desktop Safari 5.0. It strips a webpage of annoying ads and flashy sidebars, and formats it into a nice, clean page, with only the text we want to read. It's perfect for pages with lots of words. Mobile Safari doesn't yet offer this feature, which is unfortunate, because it's even more difficult to read a long piece on the iPhone. Luckily, there's the next best thing: The Textmode app (website) turns any webpage in Mobile Safari into a text-only page, very much like Reader on the desktop.
You need to first link Mobile Safari to Textmode by adding a JavaScript into Safari's bookmark. Then when you land on a page you want to read, click on the Textmode bookmark and the app will display the text of the page you're looking at. With recent added support for multitasking on iOS 4, you can go back and forth between Textmode and Mobile Safari instantly without losing the spot you were reading on either apps. The seamless integration makes Textmode a must-have for users who don't like reading on Mobile Safari.