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Epub seems a better format with a more open standard than prc/mobi, a useful feature for me is the table of contents linking that is lacking in prc/mobi. But given I read on a Windows Mobile phone I have found there is a lack of good epub reader software, although my experience is limited to Chinese books in utf-8 encoding.
The Mobipocket reader opens and browses prc books much faster and is more stable than the epub readers I've tried (Freda, Zulu) with epub books. This will probably change in the future when epub software catches up to the format's capabilities, but in the meantime prc/mobi works well for me.
Note that I make the epub and prc/mobi books myself from the same html source, so the two books are as identical as can be.
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