The cover is nice enough. Faux leather - brown on the outside and a grey that matches the silver reader on the inside. There is a round indention on the top and bottom that the cover snaps into. It hangs like a bound book.
The card slots don't have a cover. They "click" in and there is a slight indention so that they don't stick out beyond the top of the device.
I don't have a 500, though I've played with one quite a bit. The d-pad is a marked improvement over the joystick. Navigating the menus is MUCH easier on the 505.
I bought mine from sonystyle.com - free shipping (even next day air) on anything bought through thursday. :-D
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