If we are talking about straight out of the box and no tinkering then this is my view.
I don't buy my books from Amazon or Kobo, I buy them from independant retailers, I can download mobi or ePub. If I didn't have Calibre I could still email my mobi books to my kindle, they would work exactly as Amazon bought books do. I would keep the files on a folder on my PC. (much as I do now which is in addition to Calibre) and access the book on both my kindle and my fire.
For kobo I would have to transfer by USB or use Dropbox (remember no Calibre). I wouldn't like the way epubs display but I'd have to live with it. Also I'd have problems syncing with kobo for any bought books as that peskie multiple collections bug was back last time kobo updated the desktop. I know that as I've had to patch it out.
So my 'out of the box' experiance would be much worse with kobo than with Amazon. I know a lot of you wouldn't agree with me but its patching the config file and calibre sending kepubs that makes Kobo work for me.
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