If I were to buy 700 or 505 I would wait until they actually start selling 700 and compare a real model of 700 to 505. For some reason I really doubt that Sony, whose leading pro was always the hardware bit, would make such a blander.
On the other hand, people who want touch screen with fingerprints' smudges all over
ebook reader screen most likely would not care/notice contrast issue. Anyone who would notice the issue would be reluctant to buy touch screen for
book reading in the first place