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I think what is being asked about is a browser based epub reader rather than downloading via the content server onto the local device.
However what the advantages are I am not really sure as the reader is still going to have to download most of the book anyway before it can show the results. I think some people envisage this as giving the same sort of advantages as streaming video or music where you can start as soon as you get the first part, but this does not really apply to an ebook which has a more complicated internal strucutre.
The only time I could see it being of real use is if there was a server-side reader that knew how to deliver pages to a remote browser on demand. I guess that is technically possible, but not something I have seen myself.
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