It is not protected/DRM'ed... I know because the first thing I did was convert it to LIT so I can read it on my PocketPC.

I know that initially considering reading on a hand-held seems ludicrous, but once you do it you get hooked. Mind you I grew up on books, I LOVE books, but I also love to read and being able to have hundreds in my pocket is nice. Also, with it there (last place automatically bookmarked) I can read in brief snatches of time that I find open without having to physically have a book under my arm.

All that aside, this does seem like a rally dumb move on the part of the publisher as noted, but so far only Baen seems to really 'get' what the internet is about.