@Elfwreck - Go for PRS+. It is easy to install, and the folder system makes the 505 closer to perfect.
I only use my 505 to read books. I don't care about dictionaries or games, I just want it to read books, the most file formats that it does well, the better, however, since many of my ebook files are fanfic that are just plain TXT files, I am not known to be visually picky. I just want it readable. I have never used collections - the times I tried it just didn't work correctly, and if something isn't fast and simple, I won't use it.
I joined my local library that has an ebook collection yesterday, and last night checked out and downloaded 3 ebooks to my 505 - 2 epub and 1 pdf. The 1st epub, Dewey, renders well - my only peeve with it is that it has several pictures, which seem kind of pointless on a greyscale screen.
The 505 would be perfect if it came stock with file system browsing, was able to read books from Sony, Amazon, B&N, Borders, Smashwords, Kobo, whoever-wants-to-sell-an-ebook, etc.. I just want it to read books no matter where I buy them, thus encouraging more competition when it comes to prices, just like brick and mortar book stores.
I wonder if a case could be made for ebook stores and ereader manufacturers attempting to create a monopoly with proprietary formats....