Has the handheld reading device that e-book publishers have been waiting for finally arrived? The device offers a super-sleek design; slips easily into your pocket or purse; and the large, super high-res, full-color screen allows the user to easily read text and PDF documents. It's wi-fi enabled for on-the-go Web access and e-commerce, and over the next two years will likely become the standard mobile device for millions of consumers. It's also a phone and music player, too.

Many digital publishing observers believe Apple's iPhone could very well provide the tipping point for digital reading. Now all the publishing industry needs to do is persuade Apple to allow branded, DRM-protected e-books on the newly released device. Indeed, a number of observers said it's only a matter of time before downloadable e-books are sold through—and read on—the Apple iPhone.

But that won't happen until Apple, notorious for locking down its handheld devices to outside software developers, decides the time and business opportunities are right. While digital publishing professionals contacted by PW declined to go on the record, they said it's inevitable that branded e-books—likely delivered through an iTunes-like proprietary service or format—will join the multimedia content supported by the iPhone.

Apple did not return calls from PW asking about plans for offering e-book content on the iPhone.

Text, said some experts contacted by PW, just isn't a priority to Apple. “They've got bigger fish to fry right now,” said one observer, “but why not books?” Book publishers, said another, have been resistant to digital reading in the past, and text just doesn't show off the iPhone's multimedia functionality the way full-motion video and color photographs can. So book publishers will have to wait their turn. Nevertheless, publishers said that while Apple has yet to approach them about content, that day is coming. “All they have to do is set up an e-commerce infrastructure,” said one digital publishing figure.

Why is the iPhone likely to prove more attractive to e-book fans than, say, the Sony Reader? Because it's a cool, full-color multimedia device with lots of great functions offering access to lots of online and, ultimately, downloadable, content. And even at its inflated initial price (likely to drop quickly over the next few years), the iPhone is still competitive with most dedicated single-function e-book readers like the black-and-white Sony Reader and the Irex iLiad Reader (which offers wireless downloading) at $400 and $700, respectively. Amazon's forthcoming b&w reader is rumored to also offer wireless access and to be priced at about $400.

In fact, by using the iPhone Web browser, consumers can read online e-books on the iPhone right now—public domain text and PDF e-books offered through free, non-DRM sites like Project Gutenberg. Although neither Apple or Adobe would comment on e-books via the iPhone, the device does read PDF documents, an Adobe application. Since neither party will say whether the iPhone will support Adobe Digital Editions, Adobe's new e-book reading software—let's just speculate. ADE is designed to display PDF documents in reflowable text that reshapes to fit different size screens, a function unavailable until now and perfectly suitable for mobile reading. (A spokesperson for Adobe declined to discuss the possibility of integrating ADE with the iPhone, but said, “Our relationship with Apple continues to be strong.”)

The introduction of the iPhone represents a perfect storm of technical innovation and available popular content coming together at just the right time. And, as one digital publishing figure noted, Apple CEO Steve Jobs has already completely transformed the music business—maybe he can do the same for book publishing.