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I do this all the time. If you convert to old mobi you may lose some not important formatting but on most books it's not a big issue and you can't really tell.
If you convert to KF8 it's pretty much looks the same. KF8 is Amazon's version of epub.
If you get one make sure to get the new black K4. It's much better than last year's with better contrast and lighter screen.
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