I have both a Sony 505 and an iPod Touch. If it's solely for the function of reading, I'd give up the iPod Touch. Reading on the Sony is just more comfortable for me, and there's just no comparison when it comes to battery life. The Touch comes in handy for reading in cases when I don't have the Sony with me (it's small and easy to carry around). However, the Touch is so useful in many other ways besides reading that I would be hard pressed to give it up entirely.
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