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Indeed, as mentioned by previous posters, while it is pretty easy to convert formats for the PRS-700 (Calibre!!!!!!) after a while it can be a bit of a pain.
The advantage of the Cybook or the EZ Reader (Hanlin v3/Bebook) is that they natively support DRM'd Mobi files.
That brings up the question of the Kindle. If you want to use Protected books from sources other then Amazon, you're going to have to use either the Kindlefix Hack or strip the DRM off the books.
On the Screen, I'll second the suggestion on going into a store to look at the &00 and the 505. The screens on the Cybook, Kindle & EZ reader are the same as that of the 505, so you can see which you prefer. You have to decide whether you want to trade off the convince of the Built in light for greater contrast.
While my personal preference is for the Cybook, you should really decide what you preference is.
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