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I took a good look at the new Kobo and as much as I absolutely love my 350, I'd consider it over a 650 when my current reader dies (hopefully not for a long time). It's a bit smaller than the 650, and I like the way it tracks your reading. Wi-Fi and expansion slot, neither of which I care about having for my use, would be icing. It would depend of course on a real hand's on look at it, if the build is solid and the touch screen is as responsive as the Sony's, speed of the unit, and the pricing of both units when the time comes.
I agree Sony's are priced too high normally, but if you're patient and wait for a sale like I did, $110 or $120 for the 350 is very reasonable to me and makes the price a non-issue.
I'm hoping my 350 lasts for a long long time though before I need to seriously look again.
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