I have a K1 and a DXG so I can speak to the Kindle.
I have owned a Kindle for 2 years and have only had problems getting two books. One, True Compass, was held back by the publisher to encourage people to buy the hard cover. The other was Changes which was held up by the Penguins fued with Amazon. There were ways I could have bought the book but it just wasn't important enough for me to go that route. I waited for a month and bought it when it was released for the Kindle.
What I am saying is that the lack of EPub is not an issue. Check the Kindle boards, there is someone looking at buying a Kindle because they cannot find the books they want for the Nook and do not want to go the stripping DRM route.
These Kindle strengths are based on reviews I have read from folks with Kindles and Nooks. I don't really know much about the Sony
1) Kindle's dictionary is easier to use
2) It is easier to take notes and highlight on a Kindle then a Nook
3) Kindle's battery life is way better. I flew to Sydney, Australia from Washington DC with my K1 and did not need to recharge the battery. I read for 13 hours on the two flights. I am not sure that the Nook could pull that off without changing batteries. The K3 battery life is way better then the K1.
4) Bookstore. Amazon has the best bookstore.
5) Screen. I doubt that this will last long, Sony has the Pearl screen so I expect that Nook2 will have it.
6) Collections. A tagging system that allows you to sort your books. This is awesome. I am thrilled with collections. They are easy to work with and you get to create your own categories.
There are other areas that might be important to you that are not important to me.
Do you want a touchscreen? Then the Nook if the way to go. I don't like touchscreens so the Nook is not for me. Then again, some folks who ahve owned Nooks have said that the touchscreen is not intuitive. Most have figured it out and are fine with it, some really, really love it. Your call.
Color book covers. If a color thumbprint cover is important to you then go to the Nook. I am fine with looking at the cover in grey scale on my Kindle when I start a book. I don't need the small color cover.
EPub, I still don't think this is a biggie, especially if you live in the US.
Replaceable battery. I know that this is important to Nook owners. I have had my K1 for 2 years and read pretty regularly. I did not need to change batteries. I never used the replaceable battery option.
Memory card slot: Another feature that Nook owners love. I had it on my K1 and never used it. It is even less necesary on the K3. On the K1 you could store 300 books, on the K3 you can store 3,500 books. With collections you can store your books in a way that makes sense to you so memory cards as a way to sort reading material becomes less important.
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