At this point we know that mtools don't work in the 505, while the autorun.xml does run, and the scripts can be launched. One can replace all the mcopy's in the scripts with the copyFile() commands in XML, and the load would be
theoretically possible.
But there seems to be yet another hurdle to overcome. Even if a valid image is in place, and we try to burn it, it seems to kill the current image and not burn the new one, bricking the device. There is no firmware updater as of yet, so the device is pretty much dead until the next FW release comes out.
BTW, in my opinion this is a very nasty bug on part of Sony - wiping out the current image before checking and burning the new one.
Why the image doesn't burn properly - I cannot yet say. Igor will figure this out soon, I am sure.

The good news is we can collect the images of the flash filesystems using shell scripts, and try to investigate. My suspicion is that the image actually does burn, but Sony's mtdmount invalidates it for some reason when trying to mount on reboot.
As far as the hacks are concerned, they will need to use the 505 main.xml and applicationStart.xml as the base. These files are probably different in 505.