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Perhaps what we all want is "e-borrowing" and to be able to easily transfer said ebook onto whatever device we own to read it.
While at present the main formats may be epub and mobi (including derivatives) things move on and so 5 years down the road say your present e-reader dies, you get a newer model and can then no longer read your book. One of the problems with digital files in general. At least if you were allowed to format shift, this would resolve many issues.
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