I was able to de-DRM one of my purchased Mobipocket books and convert it to ePub. It took me a while to figure out where to get the PID number for my Mobipocket reader. Since it allows me to remove the protection I didn't think it would be as simple as checking out Help->About
I only have 4 Mobipocket books that are protected but I haven't read them yet so it's nice to know I can do it on the 6" screen now instead of the small 120x240 screen of my Garmin iQue M5 PDA.