Epubs don't have full justification, so there's a ragged right edge that bothers some people. Also, the page numbering does not change like it does on an lrf when you change the font. In other words, you could be on page 6 for two or three page turns, but it's easier to get a feel for how large a book is. The page numbers are also on the right side of each "page", which some people dislike, but it doesn't seem noticeable to me and it doesn't interfere with the text (when the page numbers get over a thousand they show up lighter over any letters they clash with).
The Sony store is going to all epub at the end of the year and all the Google books available for the Sony are (poorly-formatted) epubs, and I'm banking on it to win the format wars, so you may want to think about longevity as well. The next generation of ebook devices may not support lrfs.
I would suggest that you download some free books in both formats and compare. I would make sure the books come from the same source here or at Feedbooks or Smashwords. Some of the different formats are uploaded by different users and are not of similar quality, so be careful.
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