I just got my 505 today and I've spent all evening playing with it. I'm using a regular old USB to mini cable that I also use for my Motorola Q cell phone - seems to work fine and it charges just fine.
(One note of worth is that, even for those of us with too many devices, I don't expect to be charging the 505 on a daily or even weekly basis. So disconnecting my cell phone for a bit to charge the 505 is not going to be an issue.)
I already have libprs500 installed, have purchased half a dozen books from
www.webscription.net (downloaded them in MS Reader LIT format) and converted them over.
Now I'm heading off to bed to go do a spot of light reading.