I agree Natch--we each have our own priorities. For me, the 505 is a good fit. I read a lot of fiction/novels, so wouldn't use the added features on the 700 that much (although I wouldn't mind having them!).
My husband has a lot of technical books on his 700. Most of these are for reference, so the search and notes features on the 700 are invaluable to him. Also, most of his books are in PDF format, so the new zoom and pan features on the 700 can really be useful with some PDFs.
dordale