Yes, there are quite a number of similar sites starting up across many domains focusing primarly on classic literature that belongs in the public domain.
I have found that the formatting of the text is a major issue, readability usually is with classics anyway.
Openculture has a good set of links but even this only touches the surface:
http://www.oculture.com
Remember always to be skeptical of what you are downloading, you should not have to give out any personal information!