--available from Idea Shower in a $3 Pro edition and a --lets you save Web sites to (surprise!) read later, and it gets the job done. You'll need an account at to make everything work, but the account is free and painless to set up. The Web site offers a couple of bookmarkets that you can add to your favorite browser, so that on any web page you can click "Read It Later" to add that page to your list. (There's also a Firefox extension that offers even tighter integration.)
On your iPhone, Read It Later lists all the pages you've saved. The app can optionally download the entirety of the pages you save, so that you can read them while offline. That's a great feature before a long flight, or for iPod touch owners who expect to be offline for a while. When you're reading content on the device, you can choose to read the current online version, the cached page, or a text-only cached version. When you're reading the text-only offline version of an article, you can tweak the font size and style to match your reading preferences, which the app then remembers. These offline reading options are smart, and implemented well.
Not every feature is quite as nuanced, though. Clicking links within an article inside Read It Later brings up two options--"Open Link In Safari" and "Read Link Later." I long for a third option to "Read Right Now." Reading the linked page in Safari means exiting out of Read It Later, which seems unnecessary given how nicely the app can handle loading and displaying Web pages. A recent update to the app mercifully fixed a supremely frustrating bug with handling links set to open in a new window.
You can sort your saved pages alphabetically, chronologically, or by site. Once you mark an article as read, it's moved to your "Recently Read" list--a considerable improvement upon the previous version, which simply removed read articles completely.
Read It Later provides step-by-step instructions for installing a pair of very useful bookmarklets in Mobile Safari. One is simply to mark the current page to read later. The second, available only in the "Pro" version, is called "Tap to Save." On a page loaded with links--like Macworld.com's homepage, Reddit, or Digg--you access the bookmarklet, and then any links you tap on that page are added to your "Read It Later" list. This is the Pro version's killer feature. When you have the time to read a lot of Web pages on the iPhone, Mobile Safari doesn't make it easy to open a bunch of links in multiple tabs and read them. But using this bookmarklet lets you queue up everything you'd like to read within the Read It Later app, making surfing a lot easier.