As mutual-fund companies have poured millions of dollars into jazzing up their Web sites and making it simpler for individuals to research potential investments, regulators have persisted in mandating distribution of a thick, densely worded document that many investors routinely ignore -- the prospectus.

Now a shorter, plain-English "summary prospectus," possibly totaling four pages instead of 40, is being considered. If all goes according to plan, the Securities and Exchange Commission will sign off on the briefer version later this year, and investors could start receiving it in 2009.

But is this a clear case of less is more? Some....