No you would not be licensed to convert your epubs to kindle (.mobi) format. It can be done, and it's most likely legal (I am not a lawyer) but the publisher will hate you for it.
You could only share ebooks between the two devices if you cracked and DRM and converted them to a different format. Or if there was no DRM and you converted them.
I originally owned a nook and now I'm having to do just that, convert all my non DRM books to .mobi format.
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