Microsoft is discontinuing Microsoft Reader effective August 30, 2012, which includes download access of the Microsoft Reader application from the Microsoft Reader website. However, customers may continue to use and access the Microsoft Reader application and any .lit materials on their PCs or devices after the discontinuation on August 30, 2012. New content for purchase from retailers in the .lit format will be discontinued on November 8, 2011.
Before there was ePub there was LIT, and I can remember reading a number of ebooks on my Casio handheld. This program was a leader in the interaction features of the ebook, things that I see just starting in some of the modern ereaders. It did highlighting (in multiple colors), linked notes, book marks, interactive dictionary (multiple languages), and you could even draw within the book. While I am glad that everyone is going for a more standardized format system, I am sad to see an old ebook format friend leave. So thank you Microsoft Reader for the vision of what ebooks could be, but now I guess I'm just going to have to reformat my old LIT books.