If you're browsing something that's content heavy (lots of pictures/videos) there's usually a point after a certain number of "pages" where my phone just can't take so many things loaded at once and it crashes. Not all sites have this problem, some are really bad (\cough\ tumblr \cough\) but it makes me avoid infinite scrolling sites at all costs. The ones with "Read More" are slightly better (the crash doesn't happen unexpectedly x pixels from the bottom), but still have this problem.
I thought at one point unloading the content at the top might help, but I'm not so sure now. Discourse forums do something like this, where they only load what you're viewing but it feels weird, like it's loading things it's already loaded. Sometimes I do want to scroll to the bottom of something and feel like it's all loaded everything for offline reading.
But overall by far I prefer sites/blogs that have paginated content.