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Nekokami, I fall squarely in the fair use camp. But... in your hypothetical situation you may (hah, not likely) have paid a discounted price because of the DRM limitation. If so then you ARE cheating by stripping the DRM and reading it on another device.
I haven't read the Kindle user agreement but I'll bet if you mess with Kindle-formatted files that would be a violation of the terms of your contract. Seems like every EULA these days includes boilerplate about not reverse engineering, decompiling, etcetera.
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