I'm still using my 505. I've had it for about three years and I use it every day.
I'm holding out for a color eink device with a 9" screen, good PDF reading capabilities, and no touch ability (or dedicated buttons so I never have to use touch). Color is a nice to have but the others are requirements for me. I keep looking at the Kindle DX, but they are still too expensive. I've also read that the PDF capabilities regarding zooming and panning are poor.
I think that I would still use my 505 if I bought the other larger device.
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