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For me, *.RTF is my #1 choice not that I can really tell you why.
It seems to do a better job of formatting than straight txt does.
As for conversion software I'm the rebel in the crowd.
Calibre has done nothing but tick me off and screw up my library.
Zilla PDF to txt converter is free, will convert PDF to straight txt.
ABC Ambler lit converter will convert any *.lit files.
Anything else, I just load it in wordpad, and save as .rtf. Which works fine for fixing the few .doc files, etc.
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