To the OP: I don't own a Kindle, but as far as I know, the customization options on it are limited. But you could change things like alignment, line-hight etc. with calibre. Either through a conversion or by editing the eBooks css-styles.
No eReader (or ereading software) has really print like typography. They all render books much like a browser renders web sites. So it builds page after page. I have no big problem with this, if I use hyphenation. I don't mind the occasional orphans etc. that much. So as a whole it is good enough and I value the possibility to use my own fonts and sizes more.
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