There are several anonymous pirated book trading communities out there dedicated to fast releases, request filling, ocring, proofreading and formatting out there. If all you're seeing is outdated, poorly formatted crap, you're NOT looking in the right direction. I'm gonna be honest here and admit that except for legally free books, every single book in my ebook collection is pirated and in decent to excellent quality. I have several hundred books and access to thousands more made on subjects and by authors other 20 something people enjoy. I don't want to lose karma or get banned from this board so I won't pimp out any links, but if you're seeing crap you're not trying hard.
It's not perfect, but its getting better every day for the pirating community. The pirate market still isn't hurting real world sales in any appreciable way of books, but there's certainly a freaking treasure trove of good stuff out there for free right now.
Buying the PRS-505 was one of the best decisions I ever made and pirating has contributed to that in the best possible way. It's just the world's most expensive library card