I asked my wife today in the morning how she feels about the reader.
She said she really likes it. The major factor is simplicity of use of a reader. As she said - it is not a computer! (despite a couple of degrees she has a trouble understanding folder-tree navigation idea). Basically, all she has got to do is to switch it on, turn pages froward/backward and switch it off. Whenever she turns the reader on, it opens on the page she finished reading last time. She finds it very convenient.
I am more than happy that she takes a liking of the reader

If she keeps on reading and Sony comes to the UK in April, maybe I will convince her that we should buy 505 for her because I believe its screen is easier on eyes if you don't have a good light source (or maybe our friend goes to the USA and can bring one for us thus avoiding additional costs(I think it might convince her

)).
P.S. Although I believe PRS-500's navigation buttons would be better for her. There is an audible click when you press menu button and some other buttons, while in PRS-505 buttons pressing buttons is not as obvious.