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Well, using Calibre to convert is not really much of a PITA, but it can be time-consuming if you plan to convert a lot of books and you do sometimes need to experiment a little to get the best settings for your particular conversions.
I also find that the quality of converted books can be variable, although I think that this is probably due to variations in the quality of the input rather than any failings on Calibre's part. Converting from PDF in particular can be a bit dodgy.
If you don't need the 3G or Wi-Fi, I would suggest that you would be better off with one of the new Sonys (or possibly even a Nook or something else that handles EPUBs, although I have no experience of these so can't personally recommend them).
Of course, if cost is a factor (and when isn't it), then the Kindle is substantially cheaper.
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