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I like the fact that I'm not locked down to one store for DRM'ED content. Notice I said DRM'ED. I don't care to learn how to convert, format-shift, de-drm, etc. The less complicated it is, the better. I want to just put my books on my 505 and start reading.
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Fictionwise.com which was recently(?) acquired by Barnes and Noble seems to have a huge quantity of non-DRM ebooks at competitive prices. No whispernet, of course, but they say once you've bought a book, you can redownload it in up to 12 different formats, Sony, Mobi and Kindle included.
I have no axe to grind here but I don't recall seeing Fictionwise mentioned in these forums.