If you're going to have the light on all the time with the 700, you also need to consider the battery life. 8 hours reading time with the light on the lower setting, and only 4 hours with the light on the higher setting. If you can read with the light off for some of the time, of course, you can stretch the battery life to a more endurable amount, but if you need the light all the time, my advice would be to keep the 505 and send the 700 back.
I find that I can read the 700 in all the same lighting situations I read my 500 in, so I don't need the light on all the time. If I had to recharge the device every day I wouldn't enjoy it nearly as much as now, where I can take it with me for a weekend or week and read it quite nicely without having to worry about recharging.
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