My new (secondhand) PRS 505 arrived yesterday, and I can see now why people were saying that the display of the 700 wasn't as sharp as this one. Too true. I was amazed at the clarity of the text as compared to the 700 when I had it (
now broken, long gone).
The original cover is blue, as opposed to the black of the 700 I'd had, and I like this a lot better (although I've now ordered the M-Edge in Jade Green, which I am awaiting delivery of).
The screen of the 700 was highly reflective -- I see that there are anti-glare screen coverings one can get, and it'd probably be good for the 700, although it might interfere with its touch-screen abilities.... Not quite as much reflection with the 505, but still in all likelihood would benefit, and now am scouring for one -- I find any sort of reflection of my face onto screens highly distracting and eventually give me a headache.
So far reading on it has been great in bright lighting; at night it's not quite as good, but a bright reading light helps that way. All in all, happy I went for the 505 instead of the 700 this time around.