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IMO, EPUB is a little more than just another format, which will only serve to further confuse the average consumer.
Yes, it does a few things better than mobi, etc., but ultimately it is still inadequate to faithfully represent complex layouts.
I tried to be more open-minded, but after due consideration, I now wish all of these formats would die a quiet death, before they totally turn off the public from ebooks.
PDF is by far the most popular current format, on screen, as well as web, and it can represent the most complex layout faithfully. If I have, say a Vogue Magazine file, I can read it today on something like an iRex (in grayscale), on my Mac laptop, on my Windows HTPC, or on my iMac.
Oh, and when full color, large screen e-readers show up a couple of years from now, that PDF file most likely will still be readable, in its full color glory, on them.
P.S. For the "plain-text" subscribers, text PDFs can now reflow on miniature screens, or if unhappy with that, why not just use plain old text...?
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