I read djvu files on my Android phone with EBookDroid. Most are multi-column textbooks, with text boxes, sample code, equations, inserted photos, footnotes and the like that would convert very poorly even if I had them in PDF. It certainly depends on your source book, but from my experience, PDF conversion sucks for most source material, and djvu tends to be the suckiest type of source material there is.
Going djvu to image-PDF to OCR-PDF to ebook might work in theory, but I'd buy a djvu compatible ereader (any Android device) or stop at the image-PDF and read in PDF if I wanted this to work in practice.
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