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The 700 is targeted at a different market than the 505. I do not view the 700 as an upgrade from the 505.
That said, I would expect that the speed of the 700 and the user interface of the 700 will be incorporated in the next generation of the 500 series (510?) When I looked at the 700 I was not bothered by the color temperature of the internal lights, but only bothered by the resolution of the screen. I do not think most people will be bothered by the resolution and I have heard that after about an hour of reading it seems great. I still use the 500 and I know it is not as sharp as the 505, but I am very comfortable with it.
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