A year or so ago I tried this utility and was not impressed. A friend recently sent me a reminder that they had updated the tool and that it was still free. I am in the process of trying it out now. I have tons of e-books and frequently do need to convert them. I make no claim at this point as to the functionality and the ease of use but the below information is quoted from thier site......
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Freeware

ABC Amber LIT Converter


ABC Amber LIT Converter is an advanced utility which converts your LIT (Microsoft Reader) files to any format you wish (PDF, HTML, CHM, RTF, HLP, DOC, and many more) easily and quickly.
The software supports a batch conversion, a run from command line, more than 50 languages. Batch conversion ability allows you to convert a unlimited number of LIT files at a time.


As all ABC Amber products, it's really easy as ABC and powerful as Amber.


ABC Amber LIT Converter is freeware. This means that the program can be freely used at no charge. Please note that I do not provide technical support for freeware products.


ABC Amber LIT Converter is intended for fair use only. This means that you should only use the program to convert eBooks you have already purchased, and you must not distribute copies of the converted version. We hereby disclaim any responsibility for any such distribution may occur.

You can have peace. Or you can have freedom. Don't ever count on having both at once.
Robert A. Heinlein

   

Here is another free one that you might want to try:

http://www.convertlit.com/download.php

Works great for me.

Thanks ya1950.

 

The updated version supports conversion to FictionBook2 format!

I'm a die hard HaaliReader fan (because it's a small, sweet, versatile reader without too much bloat) and I've been painfully converting books to .doc format (using the old version of ABC) and then running an Word Macro to convert that to FB2.

Tried it on a few of my books and it seems to work a treat.

Thanks for the heads up wmrawls!

pencil and paper: n.An archaic information storage and transmission device that works by depositing smears of graphite on bleached wood pulp. More recent developments in paper-based technology include improved ‘write-once’ update devices which use tiny rolling heads similar to mouse balls to deposit colored pigment.