Thank you so much for your quick replies! Is it difficult to get approved for the credit card? I have no credit history lol! I got approved for a Toys R Us card and I have no clue how that went through!
I know you can use the Sony eBook Store files on it (obviously) but does it work well with other sites content? For example fictionwise/ebookwise or free classics like Project Gutenburg? I only ask that because I like to read classics and Dark Fantasy/Paranormal Romance ie Vampires and Werewolves

fictionwise/ebookwise seems to have quite a selection of those. It appears from the site that the Sony 505 is supported but since I am new to this I am not sure if I was reading it right.
Thanks again for all your help!