I would like to suggest an update to the firmware of the WD TV Live in order to allow document reading from the following formats - TXT, DOC, DOCX, PDF and EPUB.
There is no reason why you cannot read an ebook in your TV just as you do it in your PC, iPad or eBook reader.
Your post sounds more like a good Feature Request; best placed in the Ideas Exchange section. This way someone from WD will be sure to see it and will allow more users to support your idea. However, I would first search and make sure that there are no other active Feature Requests suggesting the same or similar improvements. If there is, then you could add your post and vote on it.