I have both Stanza and eReader on my iPod Touch. I use both of them sporadically, but do most of my reading on my 505.
It's nice to be able to read on my Touch in a pinch, but I wouldn't want it to be my sole reader! If I had to choose between keeping my Sony 505 and my Touch, the 505 would probably win out--even though the Touch can do so much more.
dordale