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Sony seems to be sure they can convert all their LRX ebooks to ePub by the end of the year and you will then be able to redownload your existing ebooks as ePubs.
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For free? All I have to do is wait until they convert their entire inventory to ePub and then re-download from my Sony account bookshelf?
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Conversion from ePub to other formats generally works well. Note that you have to strip the DRM first.
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Sony's converted ePub files would still have some form of DRM though, right?