I got iBooks to see what it was like on the iPhone 4. Wasn't to bad I guess. But then I found that Playboy puts their magazines in .pdf format. So I put on June and July editions up there and test drove them.
Its just like the normal magazine, except smaller. But you can zoom in, out, etc. and it operates just like a normal epub file would. I don't have a need to copy, highlight, etc. so I can't say how good or bad those options are.
BTW, the articles are great!
I guess you suffer from the dirty hands reception issue?