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Calibre's viewer uses the number of non whitespace characters (actual text characters not including HTML markup) / 1000 as the number of "pages". This algorithm is a lot better than ADEs, which was implemented purely as the simplest (least resource intensive) way of arriving at a page count on CPU bound devices.
The value of 1000 was chosen to be close to the number of screens per ebook, rather than the number of pages per paperback. For instance, at the font size I prefer, on my Kindle Touch, there are, on average, ~750 non whitespace characters per screen.
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