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I think an open XML Book format would be best. Easy to exchange. Can include images and links and can easyly be converted. DRM issues would be a bit of a problem here, but some smart people will solve that.
On the other hand you can not dismiss the concept of pages, because every display uses pages to display the content. Just the "fixed" pages like in PDF at the moment is not good for the variety of not standardized reading devices. But if i recall correctly, Adobe is working on a resizable pageformat, which lets content flow depending on the user set page size.
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