This is interesting from The Digital Reader. Though the comments after the article and the discussion on this thread suggest the problem has not been resolved after all.
Quote:
It’s been just over a month since Kobo’s perennial problem with blocking downloads of purchased ebooks came to a head, and it looks like that problem has been resolved.
I was checking my Kobo account this morning and I noticed that virtually all of the ebooks could now be downloaded from the website and transferred to another app or device. Considering that this time last month about a third of the titles lacked a download option, that represents a major change.
In my library, two ebooks still have no download option. One is no longer available, and the other is a graphic novel which is probably in Kobo’s own proprietary format.
from:
http://the-digital-reader.com/2014/1.../#.VFEiTIj3aK0
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Frankly, with Barnes & Noble no longer supporting downloading/sideloading, Kobo's epub/kepub shenanigans, and Adobe's privacy invasions with ADE 4.0, I'm beginning to think it's time to switch to Kindle (which kills me as I much prefer epub).