I don't keep all the copies in Calibre, but I do keep the originals in my archive. Back in my Palm days, I used to buy Lit files, extract the html, and then convert that to iSilo. Fast forward a few years and we have a format that's dying (iSilo) and a reader where formatting is important like it wasn't on the Palm. Sometimes it pays to be a pack rat. It's nice not to have to worry about messing something up in the conversion and it's easier to try again from the original if something goes wrong. Besides, what happens if you get a new reader that doesn't read mobi files and don't like the reconversion you get from Calibre?
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