Readable doesn't really want to be "better" than Readability. In all, they're actually very different beasts.

And I honestly don't consider Readability to be my competition. Readable first started because of my own desire to have text formatted a certain way, no matter what website that text happened to be on.

Unfortunately, Readability beat me to the launch by 2 weeks -- otherwise you would all now be talking about Readability as a version of Readable :)

The only reason I didn't kill Readable after that, was that it was different enough from Readability to diverse it's own shot -- plus, I love working on Readable's text-parsing algorithm; it's a very cool problem to solve.

P.S. The extension you pointed to is based on the first Readability bookmarklet -- and it's made by a guy who also made an extension based on the first version of Readable.