To call this hyperbole may be an overstatement:
It's not yet perfect, but boy, what a great idea. Try Readability.
[Update 2011-11-15] The above link now redirects. Apparently, they've done a lot of work and have implemented a full browser add-on, a subscription service, etc. All of which seem interesting, but if you (still) just want the bookmarklet, now go here.