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Welcome, naseller. I've had my 500 for almost a year and love it. I've seen a 505 and I like it mainly because the background is a bit whiter than the more grey 500's background, so it's a bit easier to read on a 505. The 505 is also a bit thinner but the same weight as the 500. Aside from those two things, the differences would be pretty inconsequential to me. There's talk of a coming firmware upgrade that might be available only for the 505 and not the 500 but that's not certain and it's hard to know if it will be particularly beneficial or not.
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