It's not really contradictory; I guess there are plenty of ways of reading a Kobo book.
* online (this is actually news to me, a long-time Kobo owner). Not sure you could call this DRM but it seems to be a Flash display mechanism
* using the Kobo desktop app, in Kobo kepub format
* on the Kobo reader, in Kobo kepub format
* on the Kobo or other ePub reader, in ADE epub format
* using Adobe Digital Editions on a computer, in ADE epub format
* using a Kobo application on a tablet, smartphone, etc. in Kobo kepub format
... any other ways I'm missing?
But there are only two kinds of files, Kobo kepub and ADE ePub, both DRMed.
The vast majority, but not all, Kobo books have ADE ePub available for download. I believe all Kobo books have kepubs, though I have found the "Add to Library" link is somewhat hidden for some free books.
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