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I've had my 505 for about two and a half months - and adore it, and have hardly read a paper novel since then. The only negative thing I'm thinking about the 700 launch is that I really hope this doesn't mean the end of support for the 505s. I love calibre too, though, so I'm kinda happy to stick with my 505 as long as Kovid does!
A colleague of mine liked the 505 but specifically did not want to buy one because he wanted a built in light, and a search function. So he'll be happy to hear about this. For me, though, while I'm considering buying the wedge light and cover, searching isn't something I need (and if I really want to search for something, it doesn't bug me to do it on my laptop using other software.) The touch screen is an active drawback - I'm convinced (based on other gadgets) that they're less resilient, I do not like the prospect of smudges all over the pages of my virtual book, and typing annotations - again, not what I'm looking for.
I really want my eReader to be a substitute book or magazine: the thing that I hold and look at while reading. I never write in my books or magazines, and I can't electronically search for them, so I don't mind that I also can't do that with the 505. And if I want to do those things, I'd rather use my computer (or use the money for a much more elaborate reader for an EEE computer.)
What would make me upgrade? Possibly a larger, robust and affordable reader that could handle non-reflowable PDFs at close to real size. But even then, I love that the 505 fits in my purse, and if I had something to carry around that was about the size of a 8.5x11 paper, it starts to be not that much handier than either actual paper, or my laptop.
So yeah, I'm still quite delighted with my 505, to make a long story short. And just ordered a custom skin for it, which I learned about from MR!
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