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I had both. I still have the PRS-505 and using it exclusively because I sold my Kindle1 on Feb 9th and ordered the Kindle 2. I've had the PRS-505 10 months before I decided to get a Kindle; that's the reason I was able to sell it so quickly it was barely 3 months old. For the 3 months I owned the K1, the best thing over the Sony for me is the Whispernet. I don't buy books using it for I always use the computer to buy books but did use whispernet for book delivery instead of sending them to my computer. I love that part. For book selection, it depends on what you read, I've always been able to find my books if a ebook version exist in all the online stores. Sometimes amazon prices are better but not always; I've been able to far to get enough coupons monthly to buy books wherever I want. For personal preference, I definitely prefer the PRS-505 for 3 reason: 1) the form factor: I like the thinness and it feels so light, even with the cover and it looks so sleek. That might change when I get my K2 on March 2. 2) I like the way the Sony keeps track of the pages. I for 1 reads book for mine enjoyment and like to know how many pages I have left to read in the font of my choice. 3) I love the History section in the book. I've demonstrated my reader a couple of times and forgot to bookmark and lost my page, but when I go to History for that book it tells me the last 100 pages I read and I can see where there's a discrepancy. The Sony users will know what I'm talking about.
The question is, would I give up my PRS-505 for the Kindle, the answer would be no. But I think the Kindle is a perfect compliment to the PRS-505 if you can afford both. If you can't, just go with the one you like best and you won't go wrong.
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