Read it all--it's worth it. Plus, that this was even written (not to mention well-received) poses a fine counterpoint to any argument stating that storytelling on the internet is dead: http://www.kungfugrippe.com/post/169873399/clackity-noise
What I believe is a more appropriate angle to take is that the nature of reading itself is changing. Reading tends to be one-way, whereas human nature tends to crave communication more - hence the shorter stories / tweets / facebook popularity.
But this in itself tends to build a longer narrative - I've been reading HN now for well over a year (much longer than I've spent on a novel) and though the items themselves are short snippets, due to my interest they tend to form chapters of narratives in general directions: programming, hacking the body, start-up life and culture.
And one of the amazing things is that I get to contribute and write part of the story as it is unfolding - often with unexpected results! That is something that you just can't get from a book - the interaction is of an entirely different nature, yet can still very much be 'consumed' in the same way if you choose to
[my two cents worth, and maybe a little rambling - but then it was kinda inspired by the parent link...]