Well, my eyes aren't too young either, and for instance, I hardly ever use Safari on the iPhone. I use google's mobile news site, Flipboard and Zite to find articles I want to read, send them all to Instapaper, and read them with the font enlarged to something terribly big. Sure, I only get a few lines per page, but I've gotten used to reading things this way. Like I said, I only use the iPhone to kill time while on the go. If I want to do anything more "serious," I use my iPad.
Maybe the rumored tall iPhone 5 will help in this regard! More lines per page...