Mine was a 500, appears new, not remanufactured.
Set up was easy. It did a software update after I installed from the included CD.
After setting up my sony ebook library (formerly called connect software) account and getting the 100 classics credit, I downloaded half a dozen just to test the Reader and it worked just fine.
Not quite as slick as the iTunes/iPod pairing for syncing but still very workable, mainly drag & drop from the e-book library to the Reader.
I should have taken it a little slower and moved the content from the Reader to the library but I got in a rush and just sort of deleted the excerpts, pics & sound files from my reader. heh.
With the holidays upon us I haven't had any 'reading' time to really test it out but I do know I need a stronger reading lamp for better definition of the text.
An interesting turn of events is that another family member received a Kindle so it'll be interesting to compare these two side by side (assuming I can ever pry it away)