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My opinion, and its only an opinion, is that both Derek and Nate are correct!
I think that Bookeen's stated plan is to deliver two different firmwares. I believe that they are working now on getting out a new firmware with epub. I do believe that they will eventually make the epub software available and it will work on at least the most recent generation of Gen 3's. However, I'm less convinced that they will ever get around to delivering mobi support. By the time they get around to it, and by the time they are able to deliver it, I suspect they will have other priorities.
Now that you have my opinion, you should know that my accuracy rate is 50/50 at best on these sort of things. So, who knows. However, I think Nate is taking the correct approach of waiting for delivery if its important because I don't think you can count on it being available.
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