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I just got my Kindle 3 yesterday. Having a PRS-505 for two years.
Kindle 3 wins easily, since the screen is much sharper, contrast is REALLY improved compared to PRS-505.
With Calibre, it is very easy to convert ePUB to Mobi.
However, I decided to keep my PRS-505, just in case. Under direct sunlight, PRS-505 is not so bad, but indoors, Kindle 3 is much better.
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