Regarding the SD card - I do not use one but I tested speed on a 1 GB one earlier and I just dumped lots of books, lrf and pdf, up to 1050, on it by drag on drop on my PC, inserted in my 700 and had no problem with meta, indexing, search, jumping around...
I am not sure Calibre supports 700 transfer for now so when I do lrf's in Calibre, I just transfer them with the Sony software by first importing them there, and for PDF's I use PDF software to edit the metadata directly in it and then I import in Sony software and then on the 700 internal memory and it works.
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