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Originally Posted by Barcey
1) Assuming removing DRM is legal. 
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In the USA breaking the DRM of LIT is legal.
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2) You can do the same drag and drop on the CyBook. It's also seen as a mass storage. I find this awkward because the filenames don't always line up with the book titles. The additional desktop reader software (Windows only) gives you additional features. You can create "reading lists" by dragging and dropping books on the list similar to iTunes. You're working with pictures and book titles rather then file names so I find it much easier. When done you just right click on the reading list and select "Send to Device..."
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Ebook Library gives you more features with the 505 like formatting (so the 505 doesn't have to do it), and syncing. You can create Collections in the library and sync them to the 505. It's quite nice. Also, you can deal with collections on the 505 with ebook library. Just don't delete books in a collection as a mass storage device.