I bought a 505 about 3 weeks ago, consciously knowing about 'some sort of announcement' on Oct 2nd. I have to say I have zero regrets about getting the 505, from what I've seen so far about the 700 - though the timing of the release in the UK should have been better coordinated... (I'll bet Waterstones are fuming).
The new features don't really add anything for me, and I do use the page turn buttons on the right an awful lot... Also I'd be worried about what having a touch-screen will do to the battery life.
I think now Sony really needs to focus on ensuring there's sufficient content for the device - which probably means 'sorting out' things with Amazon, who really should know better than to lock their e-books into their own device.. They're a bookseller (and other-stuff-seller), and should be remembering to focus on their core market...