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I use calibre to convert books and it is pretty efficient.
More important than loading time for me is consistancy in formatting.
In a pbook, it doesn't matter to me, but on my reader I have a certain 'style' that I am comfortable with.
Occasionally I read a book that is not formatted as I prefer, because I am too lazy to get out of bed and fix it, but the reading experience is less enjoyable.
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