It doesn't keep your place when you leave a book. It doesn't show a table of contents you can use while in the middle of the book. If you're reading an ebook that's the same as one someone else has loaded (like Free Culture), it shows *everyone's* highlights. It gives a "number of pages read" report on your dashboard, which has nothing to do with the number of pages you've clicked through. (Maybe they're calculated the way ereaders do, with 1024 bytes = 1 page.) The texts are slow to load. There's a "highlight" option but no "bookmark" option.

And, of course, no feedback allowed. I suspect this is going to crash hard, fast, unless they've got a dedicated testing team, because most users are going to sign up, poke at it for an hour, and leave forever.