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I wouldn't say Lit is best, generally commercial sources are the best. But for non-commercial sources, Lit and html were the most common source formats. Generally any pdf's, lrf's, epubs, etc floating around out there were originally converted from a Lit or HTML file.
The only format that is really bad is pdf, PDF is difficult in general even from a good pdf source, but when dealing with files like this, lots of information gets lost in the translation to pdf and back.
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