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Here's a solid question: Has ePub or Sony DRM been cracked yet? I believe no, but based on my belief why wouldn't google allow offline access to actual files that could be uploaded to ebook readers? You are still purchasing books in a file format from any number of online retailers, so why wouldn't google just follow the current model in addition to having the cloud?
As a smartphone owner, I can see a definite benefit to having access to my library in the cloud, but as a Sony 505 owner, I can't see myself purchasing an ebook that I can't use on my ebook reader. eBook readers (people not devices) are in the minority as it is, and that minority already have devices to hold their books. I don't see a market for ebooks that can only be read on a pc or web enabled cellphone (though I can see iPhone owners say that it is their preferred device for ereading, I would rather not ruin my eyesight any further)
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