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Actually even old PDFs contain enough information to reflow text, its more advanced constructs like tables and vector images and titles and page breaks and columns that cause problems.
Look at it this way, if you as a human being, wanted to reflow the text in a pbook, you could, even though the pbook contains no semantic information. Now one can write computer programs to emulate a human being, unfortunately, without the aid of semantic information, making these programs perform well for anything beyond simple text is too hard.
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