Personally, I don’t see Caecelia as a big loss. It was a more useful font when eReaders had lower resolutions, but the modern, 300 dpi screens make other fonts, such as Georgia, much nicer options.
That said, I know that font choice can be extremely personal, so I understand others being annoyed at losing Caecelia. My only guess for its removal is that B&N probably has to pay a licensing fee for each font family, and their usage stats indicated it wasn’t a terribly popular font choice.
Nicest would be if the Glowlight let you install custom fonts. I don’t get why Kobo is the only one of the big 3 that allows this.
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