Originally Posted by Alexander Turcic
It is usually very easy to convert from LIT to HTML (using the original software ConvertLIT) or directly from LIT to RTF (using some third party tool that builds upon the ConvertLIT sources, like the ABC Amber Converter). It may be illegal to use in some countries (if you are not allowed to circumvent the protection), but if you originally bought it, it may just as well be considered fair use.
In cases like this where the law is pratically unenforceable, it comes down to individual morals. I have no problem with breaking drm to read a book I have already paid for. Nor would I worry about downloading a book I already own in print form.
All in all, its a wooly area, like listening to MP3s of CDs you own, and recording TV programs.