One of the objective we (as Okular[1] team) had for KDE 4 was bringing a public API for developers to expand the Okular formats easily, with no need to add new stuff into a single application. The result (obviously not perfect) is what we hope to be a good base for people to have their document formats shown in a single application, without caring about writing code for the user interface. As usual, just let us know if there is any need or problem 
Some months ago, Ely Levy came on IRC interested in writing a backend for reading the epub documents.
His efforts were concentrated first to the creation of a libray and a set of tools for reading epub documents. He is hosting them on SourceForge: http://sourceforge.net/projects/ebook-tools.
So, he started integrating his library with Okular, and finally few days ago and yesterday he was able to show us his work, that finally landed in our Subversion (playground/graphics/okular/epub).

Very cool, isn't it? 
[1] Yes, we standardized the naming to "Okular".

right...
Which reminds me that I really need to fix the handling of missing icons for non-Oxygen icon themes. Bah.