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Originally Posted by mbovenka
I don't really get your first point; Calibre will convert as readily to AZW3 as to EPUB if needed and both can be DRM-stripped. I do agree with with your second point: lots more tweakability on a Kobo. If that's important to you, the H2O wins.
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To be honest, when possible, I prefer to support the format that my Reader uses. That means buying ePub and not buying from Amazon. If I wanted to buy from Amazon, I'd have bought a Kindle. One other rather big advantage to the H2O, ePub. If you do not live in the US, Overdrive does not support the Kindle. Also, in the US< not all eBooks come with a Kindle edition. So if you do want to use Overdrive (in any country), get an H2O.