I prefer epub as I find it's easier to fix the issues in the book. I'm quite capable of converting a mobi to epub to fix it and then convert it back, but epub reduces the amount of required steps to fix it.
Also I'm not fussed about the better dictionary support in mobi. I never used a dictionary when reading a paper book and managed to cope perfectly well, so am not going to bother now that I'm reading ebooks.
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