With Adobe Digital Editions, each HTML file is only processed when it is opened for reading. So there is a (hopefully short) pause before each internal file. This does mean that there is less of a pause when initially opening the ebook (I have the impression that it does some initial processing of the entire ebook but not much). This is probably the case with most other ePub Readers.
One exception is FBReader which always processes the entire ebook when it is opened. This gives a significant wait at the start, but no delays from then on. On balance, I think the ADE approach is better.
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