My only thought since I also just purchased two 505's is you have to hand it to Sony Marketing. Most of us(or maybe just me) assumed that with the Firmware update, Red 505, and recent releases in Europe that we would be safe to buy a 505 without fear of a new Model so soon. I was betting after the first of the year at least. But no 32 days after I buy WHAM!! New Model so sorry outside of our Return Policy but we will gladly take another 400 bucks from you for the new one. But overall I think I am happy with my purchase. Nothing earth shattering about the 700 to warrant an upgrade.