Like pepak, I find that lrf is fast, stable and it has full justification, which I prefer. I don't like the faked italics, but I can live with them. As for .lit - I usually buy DRM'd books in this format if possible, and then converts them in Calibre. Works well for me. The only thing that annoys me about using Calibre, is that it doesn't pre-paginate books, and it takes a little while to opne a book the first time. I've set the base font size to what I prefer, so at least I don't need to resize the book (and paginate again).
About fonts; Caecilia has been mentioned a number of times as a font that gives a nice clear image. I use Georgia myself (slightly unwilling to spend money in order to try out Caecilia).
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