Try evernote, its free and runs on both iPhone and iPad and also on the PC. Service is free for most items, including capturing web pages for offline viewing. Also, great for notes. It also has web access in addition to the iPad app.
I recommend Instapaper Pro (iTunes link). Only £2.99, a universal app so will work on your iPhone. The dev's website gives instructions how to add a bookmarklet to your browser to instantly capture the page you're reading for later perusal - it syncs the page you capture to all your devices/computers.