While the Lucky LG16 isn't much of a smartphone (and it's tied to one of the worst MVNOs in the US), it's not bad for the price. Ten dollars will get you a mobile device running Android 4.4 on a dual-core 1.2GHz CPU with 512MB RAM, a 3MP camera, 4GB internal storage, Wifi/BT/3G.
Its 3.8" screen may be small, but it's still larger than the original iPhone (which people thought made a decent reading device way back when). And since the Lucky LG16 runs Android and comes with Google Play, it offers far more reading apps than the early iPhone.
As David detailed last year, a phone this size can be used for reading ebooks, including both Kindle and Epub, following news feeds, web browsing, reading library ebooks, listening to audiobooks, and more.
It won't be the fastest device on the market, but frankly, it will be both cheaper and faster than a dedicated ereader with an E-ink screen.
What's not to love?