Evernote has launched a new product named Clearly.
It is currently available as a browser extension for Google Chrome.
The concept is pretty similar to Readability. You click a button and the web page is formatted nicely for reading.
Ads and other distractive elements are removed.
You also get the ability to save the page in your Evernote account for future reference.
It is much faster at rendering the nicer version of a web page compared to Readability. Though you do not get a customized URL to share with friends.
Here is a screenshot of a version of this page as seen through Clearly.
Apple Safari incidentally comes with an internal feature which offers a similar functionality.