Sounds to me like you've got the best deal you're going to get with your iPad. To be sure you'll have to recharge it every day, which you wouldn't with an ebook reader, but I assume you can, as Queen Tess says, get apps that will read all necessary formats, and I don't think there are many ebook readers that can handle both epub and mobi. And you've got a better reader of pdfs than any ebook reader.
I second the call to go over to the calibre forum and get yourself a copy of that. With calibre you can convert just about everything you're likely to get to a standard format, say, epub or, if you get a kindle, mobi. You'll just have to live with the moral dilemma of ripping off any DRM you might accumulate along the way, but most people don't seem to have too many qualms of conscience over that when they've bought the book.
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