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I keep everything in Calibre. I too have been burned by stores closing or no longer able to download the format because it's been discontinued. (Lit and mobi for example)
Books on my TBR list go into Dropbox once I spiff them up a bit and get them eReader ready. So I have several Calibre libraries. One for all the free books I get, another for Paid books I bought and a TBR Library for books I spiffed up and added to Dropbox. I prefer to keep original copies of the books just in case they need to be reconverted because of some problem I missed.
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