I was busy with other matters when I was posting before, so I didn't really add an opinion. Here it is.
I like the design of the 700 over that of the 505 and the 500. Honestly, I've never liked the hardware design of the 505. If I was still using the 500, I would not have upgraded to the 505. I would upgrade to the PRS-700.
I like how I didn't have to keep my thumb near the edge of the device so I could flip the page. I think holding the 700 near the middle of the device gives a better grip, which is safer.
I like how the UI finally departed from the "10 lines for 10 buttons" menu concept. I always thought it was ugly. The 700 also dropped most of the full screen menus.
I really didn't see anything not to like about the device (other than the price). If I wasn't happy with the device I have now, I might get this one.
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