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For example, reading something on my K2 that was purchased for my K3?
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Yes, if you take an ebook file directly from your K3 and put it on your K2 and can read it, then there is no DRM on that ebook.
That situation gets a little tricky if both devices are registered to the same amazon account (since you can download copies for either device from your Archive), but yes, copying a file from one kindle to another won't work if the file has DRM on it. Well, the copying will work but you won't be able to read it.
If you use Calibre, just try to view the file or convert it. You'll get a DRM warning—or you won't.