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If it's just an image on every page (I agree with Helen, that would conflict with my reading experience, because at least on the Glo images in epubs briefly flash when the page is assembled), it is trivial to remove as part of a conversion.
Basically, it's as "useful" as the other forms of DRM: both methods affect only those who don't liberate their books and don't distribute them. Those who liberate or distribute books (not the same by any means), can easily ditch either method.
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