If you have DRMed ePub files on your PC or Mac that can be read by Adobe Digital Editions, then it is possible to strip the DRM using a 3rd party plugin to Calibre. See Apprentice Alf's Blog for more on DRM.
The conversion of DRM-free ePub to MOBI (for the Kindle) by Calibre works very well. Some advanced formatting is lost (e.g. embedded fonts, text to the right or left of images, etcetera), but this isn't significant for most ebooks.
If you downloaded the ePubs directly to your Reader, it should still be possible to read them with Adobe Digital Editions. I'm not sure if this requires a redownload from the ebook retailer or not.
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