Apple has approved version 1.2, which supports limited offline reading. For some reason they've done this while we're not at work... so, I'll work on a better tutorial tomorrow morning. Till then, here is the quick "my wife is waiting on me to start the movie" version:
First, make sure you're connected to the internet via wifi or your carrier.
Second, open your library.
Third, click on the blue arrow next to the title you want to read offline.

Fourth, click the "Available Offline" option to on.
.jpg)
Fifth, Click "done"
Sixth, You should see an orange arrow indicating that Logos is downloading the resource.

Once the resource is completely downloaded, it will give you a confirmation message.
.jpg)
After the book is completely downloaded, it will be viewable in your library offline

Like I said, this is just a quick demo of how to get your books onto your iPod or iPhone for offline viewing. I'll try to get a better demo up tomorrow.