I don't think it's crippled and inferior. It's different. It serves a different purpose, is all. I've used iBooks on an iPad and an iPhone, and I've used my Kindle, they are all excellent at what they do, but they excel in different times and places.
If you were saying the web browsing itself is crippled and inferior, well, sure, but it's
free. If I need to Google the location of the nearest <insert whatever here> as well as find its store hours and phone number, it does the job just fine. I had to do that several times on my most recent trip to the US.
My provider, Fido,
charges data roaming at 3 cents per KILOBYTE (that's $31
per megabyte) to browse the web on my iPhone while in the US. That's patently ridiculous. I'd gladly take crippled and free over that.