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There are many free and commercial dictionaries available for MOBI, but ePub (or Adobe Digital Editions) does not have dictionary lookup. Not all MOBI Readers support dictionaries though.
In addition to ePub, Adobe Digital Editions gives you reflow of PDFs. However, no 6" E-Ink device has "excellent" PDF support because the screen is too small for direct page viewing and ADE reflow is on a page by page basis and does not always work.
For US ebooks, MOBI is more widely available than ePub but for Europe the reverse is true. So most likely you will have to buy ebooks in both, strip the DRM from one and use Calibre to format shift. This isn't thought by some to be legal in the US, and elsewhere, even for personal use. Format shifting ePub to MOBI typically works well, but may drop some advanced formatting features. MOBI to ePub works very well.
In the US, lending libraries carry MOBI and PDF and a few have ePubs. Most libraries have more PDFs than MOBIs.
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