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From what I read, the AZW3 format is more powerful than the mobi format in terms of layout and such. Therefore, it's better to convert epubs to AZW3 files. However, you probably won't gain anything if you convert from mobi to AZW3. I'm not sure how much of the original data is kept during the conversion process, but if you convert from epub to mobi and then to AZW3, the "extra" that could have been converted from the epub to the AZW3 is already lost because of the mobi. Again, I didn't test this theory and someone might confirm it, but that's the conclusion that seems the most logic to me.
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