Like a lot of you I have only recently got my 505. It was difficult to source from Australia and I had no idea about the new 700 coming out...
As a first time eReader buyer I think I would have still gone with the 505. It is significntly cheaper and the extra functions weren't high on my list. A dictionary would be almost worth it though. Also I use the RHS middle page turning buttons a LOT.
Now that I know I am completely comfortable with an ereader device and actually prefer it to paper books now the next one I buy will be have more features and cost more.
My only concern is that Sony will stop developing for the 505 now