The Google web reader actually works pretty darn well on Kindle. Page turns are pretty fast. Typeface & size are easy to adjust, TOC navigation, search. Keyboard shortcuts for Next and Previous page (j or n, k or p respectively). And Page Numbers!
If I wanted or needed to purchase a DRM ePub, I would definitely consider Google's storefront first (as opposed to B&N, Kobo), since I can effectively read it on any device, including my Kindle. If I could upload other ePub (including Adobe DRMed items) to my Google library, or open ACSM files to read library books, that would make it even better. Maybe that is coming.
There don't seem to be many low-cost (as opposed to free) books, and no way to search for books that cost <$5 for example. Or maybe you can use 'normal' Google search to find them.
But as it is, it is like a great upgrade to read ePub directly has just been delivered to my Kindle.
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