I switched from my PRS-505 to the PEZ as my main reader a few months ago; I much prefer the 5" screen, but my main reason was that the navigation was slow enough to be annoying. A faster processor would fix that.
Wi-fi, although unimportant to me, could be nice. I live in an area crowded with unsecure hotspots; I wouldn't have to worry about access.
Library books without a computer intermediary... huh. That might actually be compelling enough to reconsider the no-DRM-ever-of-any-sort stance. It kinda depends on what kind of registration is necessary, and what libraries are available.
I don't like touchscreens. I see a page-turning set of buttons, in an annoying location. Point against Sony for removing good ergonomics.
Stylus spot not included... shrug. I'd make a pocket to attach to the case, or something like that. Can see it as a downside to people who don't carry a swarm of accessories around with them. (Since I carry a phone, mp3 player, transit card, keychain with bottle-opener, pens, and flash drives around with me already, what's one more little stick?)
Plastic instead of metal: bleh. That means I'm not buying one early, because I want to find out if the plastic is durable or if it's got a common break-point that they have to fix.
More fonts: Um, good? Not something I care about.
I mostly just want a 505 with a faster processor and a Pearl screen. Ideally, a 5" screen, but that would involve hardware redesign.
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