OK, my 505 arrived today. It was a "Sony Refurb", but the device itself looks new. They also included the default brown cover, which was nice. It didn't include a power supply, so this was a "replacement" unit like they would send someone who sent theirs in for service.
Overall, I'm not complaining. Sure, I wanted my 500 back, as I could have bought a 505 long ago. However, the 505 is clearly the second best reader Sony made. I am very glad that I didn't have to make the migration to the current devices.
One other thing happened, when I loaded all my books into the 505. A couple, but not all, of my Calibre converted books are "gray". The white part of the paper is not pure white like other books. You can tell when you fold a corner over, the space behind the corner is white and the rest of the page is gray. I'll have to hunt around and find what I missed, I probably converted them with an old Calibre.