Apple is already killing these 3rd party services (readability,instapaper etc ..) they have a readability button in their latest safari for ios5 alongside with a reading list. hence the decision the make it free ..
iMessage was another attempt to kill whats app, I won't be surprised if instagram is next.
Apple's service is useful, but it's only an aggregated list of your own links to read. Open one on iOS, and it opens the full webpage. Far from ideal.
It's excellent to see them contributing to online reading, though. The 'Reader' Safari feature is based on our code, actually! (we're in the license page).
There is no way to view your links outside of the Apple's browsers, it automatically archives links you click on even once, even if just to peak, and it's entirely locked to the Mac and iOS devices. For the target audience the feature was designed for (clearly not my mom), it falls short in many ways. I don't think anything's killing anything quite yet.
iMessage was another attempt to kill whats app, I won't be surprised if instagram is next.