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We won't know for certain until they're selling stuff, but the press releases have promised DRM free files, most certainly in ePub (and probably in mobi, too for the Kindle). The latest press release mentioned compatibility with 80 different readers. I believe the Google Books part is more for reading "in the cloud," but even there, you can download ePubs. Once you have the file, all you have to do is sideload it to your devices. They'd probably like for you to buy a copy for each reader, and some would argue that you should, but nobody but you will ever know if you did or not.
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