The various formats don't bother me. When reading on my Palm for years I used Ereader for DRM and Palmdoc for nonDRM. When I bought my Fictionwise 1150 I converted the books from ereader / palmdoc to IMP, now that I've got a Sony I shifted them yet again to LRF.
Doesn't take long to do... I break the DRM as soon as I purchase the book and store it as RTF, then I can shift it to whatever comes along in the future. Obviously I try to buy DRM Free first, but failing that Ereader or LIT are very easy to shift to RTF.
Even though I am probably breaking the law by stripping the DRM I am spending more on ebooks and supporting the authors then I used to spend on Pbooks. Besides I always bought pbooks from used stores which didn't support the authors anyway. I don't share the books and if the publishers would just realize DRM doesn't stop anyway life would be easier.