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I tried text to speech with my Dad's Kindle over the summer, and it was pretty useless. It's probably ok for short text, but very unlistenable for pages of text. No emotional context, hard to distinguish which character is speaking in dialog, some mispronunciations - it's a cool feature, yes, but not a huge selling point for me.
At least there is that.
As for converting other formats for use on Ebook Readers, like Doogald says MobiPocket is a great converter into .mobi which many readers handle. I use Calibre or Stanza to make just about any format into EPUB (my format of choice these days). Also, remember that most readers handle PDFs as well, so you can convert Office docs to PDFs for reading.