It depends on the text, and what I want to read it on.
Some PDFs I read "native" on my desktop or laptop. Some I attempt to convert, using something like Mobipocket Creator, which can take a PDF as an input format. Some I print out as a hardcopy (like "cheat sheets" of program commands.)
How well conversion works depends upon the PDF. Mobi Creator, for example, does fairly well in single column PDFs with embedded images, but fails dramatically on PDFs laid out in multiple columns or with fancy formatting.
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Dennis
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