There seems to be lots to discuss about the kepub format, and lots of different threads and posts to discuss it. And the chatter seems to be fairly similar, some people like it/love it, others loathe it, and yet others again are quite happy to have both versions of the book - kepub and epub.
Kepub certainly serves a purpose, it provides for the synchronisation of the book/s you're reading across multiple devices and the Desktop App. And therefore it's a very useful tool for people who read the same book across their devices.
I suppose the recent Nook move to remove the download option has got people thinking about whether the other stores like Kobo are going to follow suit. And with kepub already well established by Kobo it wouldn't take much for them to decide to also do away with the download option. After all Kobo issues a kepub for every ebook sold, but doesn't currently issue an epub format with every ebook sold.
And it's this aspect that's got some of the other forums/blogs discussing it as well. For example, Alf's blog has some very useful info by Helpful Helper and you'll find it right near the bottom of the blogs.
Of course it's a wait and see game as to whether Kobo stops the download option, but it's good to be prepared.
edit
There's a new version of the plugin and Nate's updated the link in his Article over at
Digital Reader and Rosie's posted details of the changes.