LRF files will work on both devices, PDF files formatted for the PRS-500 will also work on the PRS-505 (and also on the Cybook V3).
ePub files will be supported once DE is ported to the Sony PRS-505, it will be the first XML based format available for it supported on multiple devices (you can already open ePub with any device running FBReader, and it should be supported on many mobile devices in the future).
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