I've done the same - moved from a Sony PRS505 to a Kindle 2i and then Kindle 3 and I agree with HarryT - the only faults I found were DropCaps don't work, also on some books where the first paragraph of a chapter is a different font from the rest in an EPUB, it got a big confused in the MOBI file and that font went really big. But I'd say 90% of what I converted worked really well.
PDFs are a PITA though - I still have quite a few to get through. When I first had the Sony, Adobe PDF seemed more common for what I wanted to read, but thankfully a lot of books moved to EPUB.
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