Readability, a product of Arc90, is a free reading platform that takes the distraction away from the web and lets you focus on the content at hand.
The service takes the content from a blog / news / article and reformats it in an easy to read format. However, ads are removed, which in theory could result in lost revenue.
What makes this service unique is that it supports writers and publishers on the Web, the sources of content from which it converts, with 70% of all proceeds from the Readability Subscriber base being paid out.
Readability works everywhere. They have apps for iPhone, iPad, Android, and integration with other popular iOS apps. There is even a way to send an article to your Kindle, right from the browser.
On Mac OSX Lion ( or latest generation ), click the double arrow button on the top right hand side of Google Chrome or Safari. You will go into fullscreen mode. And distraction free reading.
Check out Readability today; I highly recommend this beautiful platform.