Like elizilla I own both and have to say the 350 doesn't feel inferior to the 650. It just has a different approach. It is the "go-everywhere" version of the Sony reader and it is build for this task. It is lite and smooth and sturdy.
To someone who owns a 505 it might feel flimsy but anything will feel flimsy compared to the battle tank build of the 505s. No need to bash it. It is just different.
Of all my readers I like it best. Otherwise I wouldn't lend my 650 to friends