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Originally Posted by Jaapjan
The reason I am so happy with Microsoft Lit files is that I am assured of their continuity.
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But you aren't assured of any continuty in Lit. Lit is a closed, proprietary format. If Microsoft decides that Lit is out and Lit.Net (making up an example) is in (and is incompatible with old Lit), you are screwed.
The only way to assure that your eBooks are readable - or at least convertable to something else - in the future is to have them in an open format. More and more groups (the state of Mass., for example) has recognized this and are abandoning the proprietary Microsoft formats in favor of open document formats.