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Originally Posted by Katsunami
By the way: They say Kobo uses a proprietary DRM, different from that of Adobe. AFAIK, that's only true for KEPUB.
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Of Kobo's DRM'ed offerings, all are available as KEPUBs, and most are available as ADE-wrapped epubs. (For the latter, you have to download to an ADE installation from the kobobooks website).
Once in a while, there will be no Adobe option for a title on the Kobo website, and Kobo will only offer KEPUB access: i.e., made a part of your cloudy library, which is then accessible from your home desktop Kobo client software installation, or from Kobo's Android app, or a registered Kobo device.
Kobo's hardware readers also include an ADE module that lets you authorize your Adobe ID over WiFi for "legit" sideloading of Adobe-locked books that you borrowed/bought anywhere.
GeoffR has already answered your other questions.