What I do ...
I agree, why offer download as epub and not send a file?
However, I have a Kobo and I like to have my ebooks on my various computers as well.
I use Calibre (donation ware, download for free) to store ebooks from various vendors, including Kobo.
The easiest tho clunky way I've found is via the Sony Reader desktop software (download for free). Then click on the .acsm link you get from the Kobo download, and the Reader desktop software will open up and show the book in the library.
Then, you can drag the book from the Reader library into your Calibre library. Calibre stores the books in a folder, Calibre Library, in Documents. You also have lots of options for saving a book to disk from Calibre.
I don't know about books in iTunes, I'm not too keen on iTunes except for music. But once you have put the book through this process there may be a way to import the file.
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