I have both - a Kindle-2 and a Sony-505 (over a year now).
There is no comparison between the two in terms of "readability", my Sony wins hands down. Plus you can rework a non-DRM book (like the users at MobileRead do) and actually send the font desired with the document. The end result is real bold thick font. The Kindle-2 on the other hand seems wussy - thin and somewhat faint.
Love both eReaders, but no question about it, the Sony scdores when it comes to the issue of the contrast between the font and the screen background. Now the header and footer on the Kindle-2 use a great font - nice and clear and distinct.
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