Many graphic novels frequently contain full-page spreads, irregular shaped and sized panes, content that overlaps multiple panes, etc. I just don't see a "reflowable" format working for this type of content. It would be like trying to reflow Guernicaor something.
Scott McCloud and others have done a lot of interesting work in the area of using screen formats to deliver graphic art, and I think there are creative approaches that could help to make the most of the medium. But many of them rely on having the graphics designed for the medium in the first place, rather than trying to take a work designed for fixed-format pages and converting it to a digital display.
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