While I love my 700, many 505 owners have expressed disappointment at the decrease in screen clarity. I formerly owned an iRex iLiad and made the switch to the 700 primarily because of the unit's size and built-in sidelighting.
I will be the first to admit that the 700's screen is not as crisp as the 505's, but I still find it extremely usable. This has not been everyone's experience though.
I'd recommend you find someone with a 700 and take a look at the screen under a few different lighting conditions before making your decision. Or at least check and make sure whoever you're buying it from has some kind of return policy.
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