First of all neither Kobo or any of the other booksellers have the moral high ground on this. You can ONLY buy from the Kobo Bookstore on the Kobo reader in the ordinary course. You can ONLY buy from Google Books on the Ireader. Faced with such exclusivity, Apple's limitations are mild.
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My viewpoint is, I bought a product with certain expectations. Apple has now changed those expectations. Apple made a choice to make their product less user friendly for their customers in order to increase what I would assume are already healthy profit margins.
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Did you really buy your Ipad with the expectations that your methods of accessing the non-Apple book stores would remain EXACTLY the same? Thought not.
Apple's change in policy has little to do with e-bookstores and a LOT to do with its new features (Newsstand, Icloud, video streaming services) that it plans to introduce in Ios5 come the fall . As such , Apple would not be "backing down" on this as this policy change is part of a much bigger initiative by Apple.