Hi T1ND3R and welcome to Mobile Read
I am a new Sony PRS 505 owner also and absolutely love it! I have so many books to read I just can't decide (which is why I have 3 ongoing books right now). I love that I can carry it with me and pull it out to read anywhere I am, even waiting in lines..
Check out all the beautifully formatted books here that have been uploaded by the dedicated members. They do a great job and are always willing to chime in when you have a question.
Hope you enjoy yours as well as I enjoy mine..
check out some of the threads for using calibre to convert .lit to .lrf--- i've not ventured into that yet