I had a 500, until it had an unfortunate accident. I went to replace it with another 500 when I discovered that the 505 was out. I purchased the 505 (silver) and have no regrets.
I have only partial use of my left thumb, and find the new page turn buttons much more comfortable than those of the 500. And the screen contrast is better as well. I also prefer the way the book cover attaches better than the 500.
All in all it is a personal choice, but for me there was little doubt. The 505 is a better reading experience.
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