OK, so I converted a 372 page, full color, 8.11 x 10.63", 265,083KB PDF file using Calibre.
What I got was an LRF file that is 40,214KB in size. For the most part, it looks about the same to the naked eye. However, there's a bunch of text that appears smudged away (completely unreadable) spread throughout the entire document, seemingly at random. I suspect there's some sort of layering going on with this particular PDF file that Acrobat has no trouble reading. It's possible that I could get it to convert properly if I dicked with the PDF before hand (ran it through Acrobat's optimizer, etc.). Unfortunately, I don't have time to test that in-depth right now. I will try when I finish work today though, then post my results.
For now, we know it is at least possible to convert an image-heavy, very large PDF file to LRF format at roughly 1/6th the file size without significant loss in quality (in terms of human readability).
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