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The ePub standard has more features than MOBI, but because Amazon is such a large player very few publishers take advantage of ePub features that are not supported by MOBI. So most ebooks look very similar when converted from one format to the other. Major ePub features not in MOBI include embedded fonts, text around images, and multi-level table of contents. I can't think of any MOBI features that are missing from ePub, so MOBI to ePub conversion is usually very accurate.
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