While it's not a replacement for the Amazon Kindle, ZappTek today announced Legends, an ebook service for iPhone and iPod touch. The Legends service will be available in the App Store on July 11th, with pricing of $1.99 for short stories and $4.99 for novels.
ZappTek plans on partnering with "today's hottest writers" to distribute new fiction using Legends to bring the reading experience to iPhone / iPod Touch 2.0. Each book appears as an icon on the Home screen, and the books automatically re-open to the last page you were reading. You can also bookmark or annotate any page.
Both landscape and portrait reading modes are available by rotating the iPhone, and you can invert the display (white characters on black background) by triple-tapping. Double-tapping zooms in on text.
To start off, ZappTek is making a number of short stories and novels by New York Times bestselling author Michael A. Stackpole available. Many other authors will be joining Legends soon.
If you're a voracious reader, be sure to try out Legends this Friday!