I'm actually most glad about not being jerked around anymore about 'hoping' for an upgrade on the PRS-500; the $100 rebate is nice, but I can't personally justify spending $200 for a new ebook device when I spent $400 (including the extended warranty) on it's older cousin. The good news is that the offer lasts until January 2009, so I can just hope for the 505's price to drop (lots) if I feel like I really need one.
In any case, go Mobile Read!