Being a 505 reader for the past 6 months and interested in buying the new 700 next month, I took a trip to my local Sony store to compare them side by side.
I have been reading with interest the comments regarding poor screen contrast on the 700 - and wanted to see for myself if this was true or not. I was surprised not only by the screen contrast, but also by the clarity of the text. To my eyes the 700 screen is darker than the 505, and the text lacks clarity and appeared 'out of focus'. As such I have changed my mind, and will be holding off buying the 700 - with hope that the 700 demo is just that - a demo.
Whilst at the store I asked the sales assistant I could take a picture of the two units side by side. I think they show the differences between them:
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Other than the the above issues, I thought the 700 was a great improvement on the 505.