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The 700 really does have less contrast. Is it a big deal? It depends....
If you hold it side by side with your 505, it's going to be very apparent. As much as you've already used your 500, even if you don't directly compare, it'll be very apparent.
I had seen the 500, 505 and the kindle before I got my 700. I can tell the difference, and again direct comparisons make the 700 suffer. But when I read....it doesn't bug me in the slightest.
On the other hand, I can't imagine $400 worth of reasons to upgrade from a 500 to a 700, unless you read in the dark a LOT. The page turn speed is a significant improvement from the 500, but it would have to really bother you now to make it worth it, in my opinion.
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