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The downside to the Iliad is that you have to turn it on and off all the time, as the battery doesn't last very long. It takes almost a minute to boot up. The upside is that the screen is large and it's more comfortable (for me) to read text. I would NOT get the 700 under any circumstances, as the screen is simply not readable for long periods without strong light (I myself saw it, and have read many other accounts of this, though a very few seem to find the screen tolerable). The 505 is an excellent machine and will sleep, which means you don't have to keep turning it off and rebooting it. Depends on what you want -- if you just want to read books, the 505 is probably the best choice.
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