Lexcycle.com has an application called Stanza, an ebook reader for the Mac. I recently wrote about Stanza and use it quite a bit to convert content for use on my Kindle. The version I used before also had the ability to export a book into a Safari bookmarklet format. By saving the bookmarklet file to your Safari bookmarks, you could then tranfer the file to your theiPhone via a sync. While this worked, it did cause performance issues for the Safari browser.
Lexcycle has now created an iPhone/iPod Touch application that allows you to easily transfer books and other documents from your Mac to your iPhone. In addition you can also download them directly from online directories such as Feedbooks. A local wireless connection is made between your computer and device and you can then browse for open Stanza documents and import them into your iPhone/iPod Touch. Below are some screenshots that highlight this process.