Another vote for KEEP EVERYTHING. I keep the original DRM file, the stripped copy in Calibre, and whatever additional formats I convert it to in Calibre. That way I can revisit the conversion if I discover something new. Recently I reconverted all my LIT and PDB files to ePub to add in some stylesheet tweaks to make them look nice on the Sony PRS-600.
Oh, and my Calibre library is on DropBox for offsite backup (in addition to the normal Time Machine and manual copies)
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