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We have seen this before, we will see this again.
VHS vs Beta
DVD vs VHS
CD vs cassette
SDTV vs HDTV
mp3 versus everything else (and later DRM versus non-DRM media)
CRT vs LCD
HD-DVD vs Bluray
IBM vs Intel (as it relates to Apple mostly)
In some cases multiple formats are allowed to coexist, such as AMD and Intel, Nvidia and ATI, OpenGL and DirectX... now granted some are hardware, some are software, but it is essentially the same one versus another. In many cases, something better comes along and replaces the older tech in time.
We are only scratching the surface with ebook formats, it will be at least another 5 years or so before we start to see one major format take a lead that all readers will have to support... which looking at the formats available nowadays, there already is one: MOBI.
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