The application includes all the features you'd expect from an ereader. In other words, you'll be able to change text size, highlight passages, and make notes and comments. It includes an automatic bookmark system so that you never lose your place, even when you close the app.
Kobo also comes with a good number of social network features so that you can share your likes and recommendations with users all over the world. You can even earn different kinds of achievements/trophies/insignias, like in other social apps like Foursquare.
Kobo - 1 million FREE Books is one of the best ways out there to read on your iOS device. Of course, you have to buy the books, so even though the app itself is free, you can't put your wallet away for good.