I bought my sister a Sony PRS 500 for Christmas. We are going to share it untill I can afford to buy one myself.

I am wondering which would be the best to buy? The PRS 500? 505? 700?

Please give pros and cons for each. Thanks!!!!

PRS500 is an old Sony reader. Sony is not even during any update for this version. in fact in August, they offered a $100 or $150 credit (don't recall the amount) to PRS500 owners who were upset and wanted to upgrade to a 505. Both 505 and 700 are the latest. The 700 is touchscreen and has a front light to read in the dark. But a lot of people are complaining about screen clarity. You can read about it in the 700 forum. my advice is this, get the 505.

The upgrade credit is $100, valid until end of Jan 2009.

You can find lots of comparisons between the 505 and the 700 all over the forums. I would suggest reading them and if possible, stopping by a Sony Style store and doing a comparison in person.

505, better screen contrast

505!
For sure!

The 500 and 700 have a more grey-ish screen.
Many find that the 700 costs too much,for the only minor improvements to the 505.

And I think nearly all people would agree the 505 is a better buy than the 500( if you can still find them).
Last time I checked 500 went for 200, 505 for 275.
The 75 dollars are really worth Sony's support, warranty, and the extra disk space, as well as the better screen!

I'd only buy a 500 in case of serious financial issue.

I just played with my first 700 in Borders tonight. The touch-screen feature is really cool (this from someone who has a Paceblade "Pacebook" PC in the arsenal), but I swear that I'd be suffering from serious eyestrain after reading that washed-out print for an hour or so.

The 505, at least in my most humble opinion. It's still supported by Sony, I've never had any problems downloading to it (including using just a card reader for it on my Mac), battery life is ok...and I really don't need a touchscreen on my reader just yet.

Now, if they gave me wifi capability with it...

But if you wish to see both, and don't have a Sony Style store handy, you may want to try Borders. The one near us has both a 505 and 700 set up, and occasionally has a someone to demo them on weekends...