O.K., I just went to the Sony Style store and purchased a PRS-700.
Compared the 505 and the 700, and the screens do look different - it's almost as if the 505 is grayer/bluer, while the 700 is more on the yellowish side, which would be a little more like a monochrome LCD screen.
There is a panel on top of the screen on the 700, and it's a bit more reflective. I'd say the text on the 505 appears a little crisper, since the extra panel of the 700 seems to diffuse it a bit.
But after my first reaction to the screen difference, I realized, that in practice they don't seem that different for reading. It's mostly the hue, that makes you notice - kind of like, when calibrating a monitor to 6500, your first reaction is "Wow, this is so yellow!", but then you get used to it, and it looks right. The 700 seems a bit less contrasty, though.
But, screen-wise, I thought they'll both need some getting-used to. Neither of them is as crisp as a well-printed hard-cover title's page. I'll just have to see how it goes on my eyes over the next week or so. If I decide I can't live with the screen of the 700, I may try the 505 (but really don't like the myriad buttons on it.)
The reason why I got the 700 is because of the features. I like the hand-gesture navigation, as well as the speed and the ability to call on the keyboard for a word search. The extra font sizes can also make some stuff easier to read, IMO.
There is a black flicker, although it appears to be slightly shorter than on the 505.
The light seems like it would be useful in a pinch, but not for regular reading sessions.
Thanks to all who answered my questions.
Last edited by Sonist; 11-09-2008 at 09:17 PM.
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