http://www.google.com/hostednews/ap/article/ALeqM5izyWQSe2NDMadNq3YCn5o0...

I'm playing with it now. You can't buy books through the app, you buy them through amazon's site and the app phones home at startup and downloads any purchases (after you give it your amazon login info the first time you run it). Text formatting options are very limited: you can pick from five different font size presets but can't change the actual font or colors at all. The font is some skinny serifed font that will probably get hard to read on a small screen after a while. Dragging left and right is the only way to change pages and there is no landscape mode.

It's definitely not a competitor with Stanza in terms of user experience, but it does give a lot more people access to ebooks without having to get gouged quite so much by fictionwise.