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The new KF8 format is Amazon's answer to ePub. So far as I know, any existing ePub can be converted one for one into KF8 (there may be exceptions, and if so I would be interested in what they are). The situation with ePub 3 is less clear, but no one supports ePub 3 yet and Apple just killed it as a standard anyway with their new author tools.
For reading standard novels I don't find MOBI's limitations much of a problem, so I increasingly buy from Amazon unless there is a reason not to. The MOBIs convert well to ePub. If (when?) Amazon adds KF8 support to K4PC and K4MAC, and when Calibre has KF8 to ePub conversion, there will be even less reason to buy an ePub - just buy from Amazon and download the KF8 via a K4 app.
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