I'm an ePub snob too. I really think it's the better format, and being technologically-inclined as well, I can see the advantages to everyone unifying around a single format. I think it should be ePub.
I don't understand why Amazon had to go and develop their own unique proprietary format... but then, I am also firmly against DRM of any kind, so maybe I just don't have the mentality to properly understand it.
I will always pick ePub if given the option, either to read online via O'Reilly's Bookworm or on my PRS-505.
If you need to read ePubs at a place where you can't have your reader handy, I highly recommend
Bookworm. It's better than reading in raw HTML because it formats based on the ePub format, and you can access it either from a computer or from a smartphone with a browser (I have done both).