Oh, OK.
The reason, BTW, I say that Calibre conversions appear to me to be CPU limited is that I always have Windows task manager running in a corner of my screen, and when a conversion is running, the "Calibre worker process" thread is at 25% CPU (ie it's running one of the four CPU cores flat-out), whereas disk usage never seems particularly high. But perhaps it does vary with the type of conversion, as you say. Nearly all the conversions I run are ePub to AZW3.
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