The highlighting doesn work well–as has been noted–but there is an option to “toggle between author and user mode”; it’s that tiny page icon next to the address bar (between the printer and camera icons). Once you click on it, it removes all special formatting and pictures on the page. I use it often to view web pages laden with graphics and tiny, tiny text. And since I’m color-blind (thus making some background and text combinations near impossible to read), I use it to remove all colors, too.
I’m going to give Jon the This is Spinal Tap video (which I got for only SIX DOLLARS!!! from HMV) for his birthday, unless the new Pearl Jam CD I pre-ordered from Columbia House comes this week… in that case, This is Spinal Tap will be saved for Christmas.