Maybe the idea is slightly anachronistic, but the experience was solid. Version 2.0 is built on Adobe AIR, which makes it truly multi-platform—although that brings it own set of issues, like resource intensity and non-native app behavior. And I would really like it to use multitouch trackpad gestures, like for moving between articles. But, the navigation and UI are a lot cleaner than before—a sidebar on the left replaces the older top-centric navigation, and it has some neat (if laggy) UI tricks, like splitting articles into windows a la mobile Safari.
While $3.45 a week ($15/month) is cheaper than an actual paper, the Reader is still a pricier wrapper for Times content than Firefox ($0). But maybe that's a small price to pay for something that's much closer to the future of newspapers than the Kindle—and certainly paper. Unless you think the newspaper's future is simply bankrupt.