In Australia it's legal to format shift, at least for music and video. If it's not already legal for books I suspect it will be once the need is realised. From my point of view, ripping "Matter" by Iain M Banks is no different from ripping "MirrorBall" by Sarah McLachlan. Well, other than being more work.
I hope that the book publishers look at the long, losing battle being fought by the music industry against recorded music, and radio stations, and cassette tapes, and mp3 players, and the internet, and decide not to play that game.
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