A two year old PRS-500 is certainly going to have lost some of its battery capacity, compared with them it was new. Lithium Ion batteries, such as are used in the PRS-500, have a typical lifetime of about 5 years; one might expect a 2 year old battery to have lost 20-30% of its capacity, no matter how well it's looked after.
Unfortunately the lack of a user-replaceable battery is, I think, something of a weakness in the Sony eBook Reader range; most other manufacturers have - sensibly, IMHO - opted for batteries accessible to the user.
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