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I personally wouldn't think the each book is an app approach would be all that good, because as is people are having app overload. How many people do you know on their iphones have page after page after page of apps? Not to mention, it locks you even more to that device. At least with DRM as it stands on most ebooks, you can read it on more than one device at a time, but with apps, it is your smartphone or not at all.
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