I have a 505, and the lack of wireless is a plus for me. I use a clip on booklight as well. There is a search function for the ebook library, but you are probably better off using Calibre if you are going to have 20k books.
Most of the people who complain about the glare had another ereader before hand to compare it to. I would play with one at a store (Borders should have one) to see if it bothers you.
I hear that Sony will replace the battery, but it can't be done by the average user. I have no idea what it costs.
There is no release date for the next one, and personally I don't think it will be for a while, since CES would have been a good time to announce it.
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