Noah98 and ATDrake,
Got it. It's the purchases from Amazon and B&N that both have their respective DRM applied, but practically speaking either the Kindle or the Nook will let me use Calibre to install and manage (and even convert files) my non DRM files whether that be ePub (Nook) or prc/mobi (Kindle). So between the two it is what I think looks best and feels best.
I visited my local Target store today and while they had a Kindle on display it was running some demo with no way to actually try it out. I will visit my local B&N tomorrow, I know I can try the nook out there.
Worldwalker, I may take a look again at ebay to see what the prices are for new Sony 505's, but the last I checked they seemed quite inflated. Where in the UK can you purchase and have a new one shipped?