> ePUB format. Can the DRM on these be removed, though?
Not that I know of, but AIUI, they're associated with your Adobe accountId, not the device itself, so can be read on your PC (Windows, I don't know offhand about Mac/Linux) and could be copied to other devices associated with your Adobe account.
> not available in ePUB or a recognised "Sony Format" (as it were), which format is best?
Correct, LIT seems to be the best option.
> will the formatting be retained if I use Calibre to convert the file?
Yes, although you have the option of importing the unDRMd file into Book Designer & tweaking it by hand if you really want to fine-tune things. I've only needed to do that to fix things that were also wrong in the original LIT file, though.
> Finally, what format does Calibre convert a lit file to?
It includes CLI utilities for converting to both LRF and ePUB. The last time I looked at the GUI, there was a app-wide setting on the preferences that set which of the two would be output by the GUI conversions.
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