The 505 is the best Sony reader ever made, but calling it the best overall is a huge stretch.
I personally think the Nook is the best for me, but I think the Kindle 2 is just as good for some.
1. The color touchscreen on the Nook is not "weird." It works well for navigation, shows color cover art, and auto turns off. You can also use it for page swipes.
2. Barnes and Noble has never remotely deleted books and is not monitoring me. If I am paranoid, I can turn on airplane mode forever! Someday, I could change my mind and resume wireless downloads.
3. The Sony needs a card slot because of the low internal memory. The Nook has a card slot, removable battery, and 2gb internal memory.
4. Most people don't surf the web on eink devices. It is only there if you really need it. Also, playing chess is a nice break every once in awhile, but it doesn't distract me from reading. That's like saying that the music playback on the Sony is a negative because you might listen to songs instead of reading.
Ergonomically, the Sony 505 is a nice unit. It is very solidly constructed, comes with a case, has multiple color options, etc. However, design is in the eye of the beholder. The Nook, Kobo, and Pocketbook 360 also have very nice designs.
Just my two cents
