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My opinion is that .lit is the best format right now. Primarily because the drm can be easily stripped off of it. That means that you have the capability of reading your books on whatever ebook device you decide to buy in the future.
(If you are willing to do something quasi-legal like using convertlit to strip off the drm).
I dislike any format that is proprietary and has no way of being used on future devices. I don't want to spend hundereds of dollars on sony or kindle formatted ebooks, and then have sony or amazon close their ebook shop (like amazon has done once already) and leave me without a way to read my books in a few years.
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