Easy Text Prompter is a fast and free application to display text on screen in a timed manner (like a teleprompter). This is handy for speeches, practicing for giving speeches, etc. You can also use this to read books without having to touch your phone to turn the page.
You can download it from the Android Market here.
Update 4/2012 This is now open source and hosted on GitHub. Check it out at my GitHub page.