I have seen the 505 in a store (long before I knew I needed to know which patterson excerpt was on it, or I would have taken notes!) and while the display is somewhat better than on my 500, I didn't feel I needed to sell my 500 and buy the 505.
I can't think that you would be able to read the 505 in any lighting situations you can't read your 500 in.
the change in form factor and the ability to go to a specific page using the number buttons and the movement of the page turning buttons to the right side of the unit, those are improvements I would enjoy but not enough to spend all that much money until my 500 breaks or dies.
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