Calibre can convert between most formats (except, of course, if they're DRM-locked), including pdb.
Do B&N's notes and essays add that much value to the book? Enough to make up for not only the financial price, but for supporting DRM?
I've bought pbooks with similar added content, and found myself not reading it because, by and large, it seemed to be either trivial, irrelevant, or things I already knew; ymmv, of course. I can see how that might be handy for a student, but for general reading, I didn't find it added much if any value.
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