I'd prefer text if it allowed minimal markup: Bold, italic, page breaks, centered text. (I love eReader. I wish the dedicated ebook devices supported it.)
ePub's real advantage for the non-techie is its transferability--it's readable on many devices, and because it's an open-source format (a techie plus), it's likely to continue to be supported in the future.
Its editability is rather a techie plus, but it's a different kind of techie plus than most of the other ones; there are plenty of people who can edit HTML files but are lost in the morass of ebook format types and device compatibility issues.
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