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I had used calibre to download The New York Times, The Washington, Time, Newsweek, and several others to read on my Sony Reader. It was slow and a bit cumbersome, but the end product was readable and navigable. I just got a Kobo Touch a few weeks ago and purchased a subscription to a magazine. It took a bit to get the Touch to download the subscription, but with the help of some forum members, it works now.
I have also used Calibre with the Kobo Touch and it is just as easy as the Sony.
The end product from Calibre is not all that different from my purchased subscription, but the purchased one is not too expensive - $1.49 per month - and much more convenient. Formatting from Calibre is very similar to my purchased subscription, and the hyperlinks in Calibre for main menu, section menu, etc. at the end of each article are functional. I can't see a major difference in navigation.
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