Well Hacker, that's a great idea! I hope you will be succesfull in your project. I do agree wih Gadgetguru that DRM is still an issue in this scenaio, but maybe with this businessplan you could hook up with some publishers and make a deal
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@ Rlauzon: You might be a Linux user and a 'heavy e-book user', but for people who are not that much into technology and computers, converting issues could be a problem. For a widespread use of e-books you wouldn't want this, right?