Next week, Slate.com (a popular online news publication) will begin providing textcasts, a service for iPod devices which will make available a daily transcript of its “Today’s Papers” news aggregation podcast for download and reading on the device. Downloads will be embedded within a 15-minute silent audio file. While reading on an iPod is challenging at best (the interface is not really meant for text) it's not the first time it's been tried.
There is a product available called Ipod Agent which lets you turn your iPod into an information repository by transferring all kinds of data to the device (including driving directions, contacts, appointments, email, notes, tasks, podcasts and yes, RSS news feeds - without the audio file). It also lets you sync your outlook information as well. Screenshot
It is the first time, however (that I can remember), that it's been supported by advertising - in this case Lexus.