I didn't see an unequivocal answer to this so I just tested it out on my Kobo Wifi. Italics display correctly in both Serif and Sans Serif fonts. Oblique text looks the same as Italic text in Serif but, interestingly, Oblique Sans Serif looks the same as Oblique Serif.
Em dashes (—) are displayed correctly, though hair spaces ( ) are displayed as question marks (unsupported). Hyphen (naturally), minus (&minus) and en dash (—) also work as expected, but figure dash (‒) is unsupported.
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