Just bought the 700 too
I had a really hard time deciding which device to buy but I finally went with the 700 as my first e-ink reader. I REALLY like the touch screen, I know it's kind of a gimmick but I like it anyway. The readability in the low light where the display is at the Sony Style store in New York City is not very good, so I think I will be using the light more than I would need to use the light wedge on a 505, but considering that I would only have bought the 505 with the light wedge, I think the higher price of the 700 was worth it for the extra features and faster refresh rate. When held in brighter light the readability is comparable to the 505, at least to me. Depending on how much the Plastic Logic device costs, I will likely go with that for business use, but I wanted a more portable device for causal reading and I think the 700 will do that just fine. I also bought the 2 year protection plan. I don't usually buy protection plans, but since it includes one screen replacement I thought it would not only provide some piece of mind, but could also pay for itself if a "fate worse than death" event actually happened. I bought my 700 at Books on Board because they had free shipping and no tax as well as a coupon for $25.00 towards books, which seemed to be the best deal I could find. Now I just need to count the days for it to arrive by ground delivery.