I just used Calibre to convert the pdf to mobi, to read on my Droid on the kindle app, worked great. You can also attach any cover from a jpg file on your computer, and convert from and to a ton of different formats. If you are loooking into this I would definitely check it out: calibre - E-book management
My library subscribes to 'OverDrive' for the lending of ebooks. There is an associated app "OverDrive Media Center" that provides the ability for you to read library-lended ebooks or listen to audio books on your Android device. The ebook reader is adequate. You can checkout and download ebooks, put on a "wish list", and put "on hold." When a book you have put on hold becomes available, an email is sent so you can checkout the book. OverDrive supports the ePub format. For DRM control of the ePub books, you need an Adobe Digital Design ID; this can be obtained through OverDrive the first time you checkout a book or directly from Adobe.
Recently, Amazon Kindle began collaboration with OverDrive, and for many libraries, and more are being added, lending books for reading on the Kindle are becoming available. My library system (Henrico (VA) County Public Library) received the Kindle functionality about a week ago. In my opinion, the Kindle app provides a better reading experience than the OverDrive app.
You do NOT have a choice of readers when you checkout/download library books via OverDrive; Kindle-controlled books are read using the Kindle app, while OverDrive-controlled books are read using OverDrive Media Center.