I keep wanting to answer but there is no "Who cares I can Read!" option
While the new firmware gives me a warm fuzzy feeling, I don't have any epub books on the reader and with the fine conversion tools Calibre gives me I don't see the pressing need for it (for me personally) although I think a unified, open file format is a great idea (but, says the cynic in me, how many times have I seen that fail?). And PDFs still suck IMHO, both intrinsically as a format and on my reader, even with the improved readability. As a community, we would be much better off trying to find better ways to convert PDFs to a more flexible format without ugly formatting and/or ugly reflow hacks and weird linebreaks.
I was happy before the firmware fix, and Sony could release newer models until the cows come home without any updates to the 505 - until this baby breaks or the iliad drops in price substantially, I'm sticking with the 505.