Top five applications for reading electronic books on your iPhone this week:

LexCycle's Stanza iPhone eBook reader is a free application that provides readers with access to well over 100,000 books. Users can select and download electronic books within the application from a catalogue of over 50,000 free titles available as part of the Project Gutenberg. New releases and best sellers are also available for purchase from the wide selection of books available through Fictionwise. With Stanza, users can flick through pages with their finger, customize text size, spacing and colors, or even import their own eBooks into the application with LexCycle's Desktop application.
Price: Free

B&N eReader
There are over 500,000 books available on the Barnes & Noble's e-reader iPhone application. Readers can preview samples of each book before purchasing the titles wirelessly from within the application. All purchased books are stored within the B&N cloud for quick and easy access regardless of device and can be transferred to your iPhone for offline reading. Text, color and touch gestures can be customized for ease of reading.
Price: Free

Kindle for iPhone
Amazon's Kindle for iPhone application converts the iPhone into a Kindle e-reader. A catalogue of over 350,000 books can be purchased wirelessly from within the application. Amazon boasts some of the cheapest prices for new release and best selling electronic books. The application also syncs wirelessly with both the Kindle e-reader and the Kindle for PC software, meaning you only have to purchase your library of e-books once. The Kindle Whispersync feature also automatically bookmarks your page and allows you to read on from same place in your eBook even when you switch devices.
Price: Free

ComicZeal is an iPhone comic reader that provides users with a friendly interface to navigate through their collection of digital comic books and electronic graphic novels. Users can convert their own library of comics into readable files that can be downloaded and synced to the application over WiFi or using a USB connection. ComicZeal also provides users with hundreds of free Golden Age Comics as well as a selection of Jim Shelly's Flashback Universe. Readers can become thoroughly immersed within each frame of the storyboard with a built-in full-screen magnifying glass that lets you zoom into any area of text or image.
Price: $3.99

Fictionwise, Inc.'s iPhone eReader application gives readers access to over 100,000 e-books, many of which can be downloaded for free. Users can also upload personal content from websites and read additional e-books, not found in the Fictionwise store via the application. The application's slider bar makes quickly skipping through a book or library collections easy work. Books can be read over WiFi or stored on the device for offline reading.
Price: Free