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I could see someone setting up a specialty ebook store and doing well if they added value. For example, an e-book store just for SF that did author interviews, reviews, a good upcoming books section, cleaned up the book lists a bit, had a good recommendation engine, etc... It would take some work, of course. The real key is doing something that provided enough value to keep people coming back. There are a lot of things that Amazon simply can't do because of the sheer volume of merchandise.
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