Yeah .... I don't have a Sony, but two years useful life is about all I expect from any computer equipment anymore. And, that's true no matter who makes it.
Now, of couse, the 500 is still quite useful. I mean, it still reads ebooks and still does what it did when you got it. It's just not bleeding edge anymore. They are still selling books in the lrf format ... yes?? Or are they switching to something the 500 won't read??
That would be the only thing that would bother me .... if I purchased a particular ebook reader and then wasn't able to obtain (or create) any books in that format anymore. That .... well, that would grind my gears no end.
But, if you want the latest and greatest in the technology marketplace these days ... get used to buying new every other year. because ther never will be a time when you can just glide along ... in fact, the turnover time is probably going to start getting shorter ....