I am experiencing the same thing. Please be patient.
I am not able to sync with the cloud on the Windows Desktop, Blackberry Playbook, Kobo Touch or Kobo Vox. The two titles I bought are in my store library and I was able to download epubs for safekeeping. But kepubs direct to my devices are currently elusive.
I suspect Kobo's servers are struggling under Cyber Monday -- that's totally my own guess.
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