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In order to get the latest releases, you have to register. I don't really consider Amazon to be any more "closed" than Kobo. You can still buy from other web sites. Sure, there may be a few more sites to pick from with ePub, but with publishers controlling the prices, it isn't like one site is going to be much cheaper than another. The major publishers books are all going to be on all the major retailers' sites. So, it isn't like the selection is going to vary much.
Amazon acts as a publisher, though, so all of those books are going to be exclusive to Amazon. I've actually found several new favorite authors among them, especially science fiction. I don't know if Kobo has a self-publishing, but if they do, I'm betting the supply at Amazon far outstrips theirs.
If all you want to read is public domain stuff, most any reader will work.
With Kindle, if you want to use the collections feature, you have to register.
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