Via ShelfAwareness, MegaReader offers an iPhone app, the eReader Heads-Up-Display, that allows you to view where you are going while reading. The video advertisement for the app concludes with the following disclaimer:

We do not guarantee that you will not come to harm while using MegaReader or your mobile device. We do not recommend that you walk and read, drive and read, or perform any other potentially dangerous or illegal activity while using MegaReader or your mobile device, and any such uses are at your own risk.

Apps like this already exist for texting, which might have prevented this girl from falling into a mall fountain: