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Calibre can do quite a number of things for you. These generally fit into one of four classes of fucntions:
1. eBook Reader - probably Calibre's least used feature other than to preview ebooks.
2. Library Manager - It can function to manage your library on your PC and download to a reader device. It can also host the library on its own dedicated web server for access from a web browser.
3. News Aggregator - It can be setup to collect news and build ebooks from the downloaded content.
4. Format Converter - The heart of Calibre is a format conversion engine that can convert to and from most ebook formats, provided the source ebook is not restricted with DRM (Digital Rights Management). Format conversion can include making alterations to some of the document structure such as adding chapter breaks, table of contents creation, changing (fixing) metadata (author name, title, ...), adding or changing the cover art, and so forth.
I find it a very handy tool. I use it mostly for format conversion and related functions, often converting to an editable format (usually ePub for editing in Sigil) to make major fixes before converting to MOBI for my Kindle3.
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