As a general rule, I find PDFs one of the worst formats for reading anything on a screen. I buy HERO system rulebooks in PDF format and generally print them out if I intend to use the material with any frequency.
Graphic material (Comics and Manga) are much better served by CBR/CBZ formats than by PDF, the images are usually crisper and more legible.
Having said all that, I don't think it's really an illegitimate format, just ill-suited for the majority of my e-book reading needs.
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