In general, a MOBI file should work on any device. The optimizations for a Cybook or a Kindle would be the same - primarily to use large images (and therefore in most cases JPEG images, with the JPEG option explicitly on in MobiPocket Creator or mobigen.exe). For short stories, a table of contents recognized as such by the Reader (rather than just in-lined HTML) would help too.
As catsittingstill pointed out, one difference is that the Kindle does not have selectable font types (only font sizes). However, that isn't usually a problem for document design. The two devices might convert images to fit the screen, and for 4 gray scales, differently - but I have not seen any reports on this issue. The Kindle does a pretty good job displaying color images.
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