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They haven't gone down in price because they're no longer manufactured/sold by Sony. So, you can only get them second-hand and a lot of people still think they are one of the best readers around.
I love my Pocketbook 360 if you don't mind a 5" screen. I thought I would and I don't. I like it better than the 6 inch because of how easy it is to hold. You might also like the Sony PRS-300, which is very similar to the 505, but is 5". The big downfall for me was it has no slot for a memory card so you are limited to the onboard memory.
-Marcy
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