Formerly known as "Readability 2," this project uses code unceremoniously lifted from the original Readability. For more information, see the post here. If you're an iPhone user, be sure to check out Clippable Mobile.
2.26.10: New features:
11.18.09: I've made some modifications to do a better job of trapping comments and ads. If you notice parts of the page you're clipping missing because Clippable got a little trigger-happy, please let me know!. I've also modified the bookmarklet slightly to override caching for the css to use my latest modifications. If you're a repeat visitor, you'll want to replace your current bookmarklet with this new one. There shouldn't be any future changes necessary, this is just one I should have considered to begin with.
As of 11.03.09 I'm referring to this as "Clippable" to avoid stepping on the toes of the original project and their potential future naming schemes.
Note for Internet Explorer users: I don't deal a lot with IE, but have received many emails saying that you can't drag a bookmarklet to the bookmark toolbar (at least in IE8). The workaround should be to right click the link below and copy the url (Copy Link?). Then, create a new bookmark and paste the copied text in as the URL. You should then be able to move that bookmarklet wherever you like.