SOmeone told me (no Kobo staff) that the iOS Kobo app supports collections in a form they call bookshelves. On our reader, Kobo refers to books and shortlist as bookshelves. I may be entirely wrong here, but I look to the iOS app as a general guideline as to where the reader is going.
I know the Android App is not as developed as the iOS one, but it is being frequently updated and is just a few steps ahead of the reader now (and a few behind iOS). For example, you can use advanced features on non-DRM books without having to manually change file types and with the cover preserved.
That being said, hopes that everything (all book types, notes, etc) will one day sync may be a whole lot more difficult.
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