Well the kindle does not read epub. Again, you'd have to do a conversion. It's easy with calibre, but it sounds like you're not so hot on conversions.
I have not had good luck reading PDFs on my k3. The type is way too tiny. On the DX it was a different issue: the screen is so large that the PDFs worked out ok. For example, I would read PDFs of scripts on my DX with no problem, but on the K3 it's just too tiny to read. This is just my experience though, and I'm sure some others will be able to give their perspective.
If you are reading primarily text-based PDFs, Amazon will do a free conversion for you. You email the PDF to your Kindle email account, with the word CONVERT in the subject line, and it'll convert to azw format (readable by the kindle). This has worked well for me with text-only PDFs, but it can get wonky if there are columns or any other "fancy" formatting. (As in my scripts example: it would just destroy the tabbing & spacing and make it unreadable.)
Honestly, few of the ereaders work well with PDFs. You're probably better off getting an iPad (I know, $300 more, but it's true). JMHO.
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