One thing I would advise regarding library books is to look at the books offered that you want to read and see which formats they use. In my library's collection, many are in either DRMed PDF or Mobipocket but not both. Most of the books in our collection are PDF and for those the Sony is currently your only option. Sony folks can answer this: Do you need the 505 with the latest firmware for secure PDF?
If you do decide to follow Jon's suggestion of stripping the DRM off legality aside, please don't upload or share those books. If we want to convince publishers to drop DRM, we have to behave responsibly. Just my $0.02.
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