Welcome to MobileRead, Rixx!
I'd suggest you wait until the 700 comes out and have a look at them both for a final answer, but for a preliminary discussion type of thing:
The ways the 700 differs from the 505, as I currently understand them, are:
- The 700 has a built in light
- The 700 has touch-screen functions for menu operations
- The 700 allows searching, highlighting, and notes via an on-screen keyboard
- The 700 reportedly has a somewhat faster page refresh
- The 700 has more on-board memory -- but I regard that as mostly bragware given the way the devices handle large numbers of files, which is to say, clumsily
- The 700 costs about $100 bucks more
I think the 700 looks a lot slicker, but that's a personal call.
I think the real question is if those extras are worth the extra price to you or not.