If the book is pure text (like fiction), then sure.
But non-fiction often includes plenty of illustrations, sidebars, images, footnotes, and so on, which while EPUB can handle in theory, often wind up with all sorts of bugs in reality, things being out of order or not making sense or being clipped instead of resized when converting to PDF, etc.
I've found PDF's to be generally more reliable overall, and not too much of a problem on my phone for average-sized book pages -- I just hold my phone in landscape mode and pinch to zoom in enough so the phone doesn't waste space on margins on the sides.
The only PDF's that doesn't work for tend to be full-size textbooks (significantly larger than the average book page), but those are also the ones where layout tends to be the most important and I've had the most disastrous experiences with EPUB. Right now I just don't think it's realistic to read most textbooks on your phone in any format. (Plus you want to highlight, annotate in the margins etc., none of which is great on the phone anyways, but is great with a stylus/pencil on your tablet.)