Note that LIT, MOBI and eReader DRM has already been cracked, but Adobe DRM has not. So, for this and other reasons, avoid Secure PDF ebooks. Adobe also has Secure ePub ebooks with the same (uncracked) DRM scheme, this is unfortunate because ePub would otherwise be a better "archive" format than LIT.
I agree that LIT is the best single choice, but there are some ebooks only available in MOBI and this format is ok for format shifting in most cases. There are also quite a few ebooks only available as Adobe PDF, these are readable on the PRS-505 (if you don't mind the DRM and the sub-par reflowing) but they are locked down to devices that support Adobe Digital Editions.
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