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I bought my kobo partly just so I'd have a horse in both races - the kindle for mobi and the kobo for ePub. There was also a particular book I was after that was available as ePub and not as mobi, although it is now and I still haven't read it yet.
I pick whichever device has the book I want to read on it. That will mostly be the kindle, for bought content, and the kobo for freebies.
Just recently I was reading short fiction on the kindle and a novel on the kobo. It was useful not to have to switch between books on the device all the time.
I also have an iPod and an iPad which I rarely use for reading. The iPod is handy for emergencies.
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