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I haven't had any glare problems with mine and since I've never owned a 500-505 before, the contrast is a non-issue as well. The light though is great. I love it.
Your best bet is to go to your local sony store and read on a demo for a bit. Do it without comparing the 700 side by side with the 505. After 15-20 minutes of reading, you'll know whether it's worth $400 to buy one.
Note that it could go both ways.
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