Actually, I'm just whistling in the wind here having tried and failed the approach before (specialized genre (military SF) HTML & pdf venue), but I'm talking about getting the zine into multiple formats at the same time with a single upload (Mobi, HTML, pdf, Kindle, etc., etc.).
The major work is in the formatting (and editing, of course) and obtaining the submissions so you have enough material to wade through to find the gems. My (one and only) issue of Firepower! had a great cover and format, but virtually no readership so getting your name out there's important too and outfits like Smashwords help with that too (Amazon, B&N, and a few other Big Name distributor deals are done or in the works).
I'll admit I'm kind of a Smashwords fan because I think they have a decent marketing plan and arrangements with the Big Guys to get books into the hands of e-readers, but there are other outfits out there too. My only hesitation revolves around the rest of the dreck that gets published through Smashwords (folks, anything under 50 thousand words is not a book and stories under 10k words simply don't even qualify as novellas). Still, they wouldn't still be around and people like JA Konrath wouldn't be reporting success with them if it wasn't happening.
Now, I would urge caution. Getting into publishing is a fast way to lose your shirt, but there have been notable successes in the past (I'm thinking specifically of Wizard's of the Coast's d20 licensing arrangement that resulted in an explosion in RPG modules in the mid-90s - many of those modules were less than 20k words, had maps and images in them, were sold electronically (mainly as pdfs) for anywhere from $5-20, and made their writers some profits).
These are just idle thoughts, mind you, but I'm going to soon try out the system myself with a SF novel, a horror anthology, and some gaming manuals I wrote some time ago. I'm just thinking that if th system is working for e"books" as small as a couple thousand words, it might work for ezines as well (I don't know if Smashwords does any print issues yet, I don't think so, but there are some edistributors out there who do).