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I have pReader and Kobo on my Pre. They complement one another very nicely--Kobo for DRMed books (that you buy from Kobo, that is) and unDRMed books in multiple formats on pReader.
pReader has improved greatly since I first downloaded it and keeps adding functionality. For unDRMed ebooks, it is definitely the premier reader for webOS.
When the Pre launched, the only ebook reader software available was Shortcovers. I downloaded it and hated it and got rid of it. Once they relaunched as Kobo, I tried it again and was very impressed. It's not an open reader--it is a closed ecosystem. However, the prices are pretty good and they have most of the latest books and some free books as well. Unfortunately, you can't download free books so if you're reading somewhere you don't have a good signal, you're out of luck (which is the same problem Shortcovers had). It's definitely worth a look, though. It could use some improving, however, and I hope they are working on it.
DRMed books you buy from elsewhere? You're out of luck, unfortunately. Unless pReader can handle DRM and I wasn't aware.
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