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I saw someone post on the FBreader forums that it does actually read .mobi books. I haven't tried it yet, but am hoping to soon. I do use FBreader and Aldiko, but have been converting to epub via Calbre. However, if the mobile version of FB works with .mobi, I'll have a ton of books that I won't have to convert
Calibre will convert from mobi or pdf or epub to any of the others. Excellent book manager (although it does seem to have problems reading some mobi metadata to flip to epub).