I just got the new kobo update, too soon to tell on any performance and features. Just as what happened with the desktop update that came out with the wifi model, it seems like I have to do a reset and reload as none of my regular epubs will open, only the kobo kpubs. Would be nice if they could get that sorted out - I've around 200 books to reload. Actually now that I think about it, there will be quite a few less books to reload as I'll go back to using the kpub versions now that they should show images etc.
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