Received my red PRS-505 reader this week. For what it's designed for, ie reading books, it's awesome. Screen is ultra-clear, and overall device usage is straightforward. I love it so much that I re-purchased the Twilight books that I already owned in hardcover (but never read).
I always read books just once , so used books in my home = wasted space. This is why an e-book is joy. Will be VERY nice for travels also since I tend to always pack 3-4 books in my luggages.
That said, my positive comments stop here. Until the industry solves their proprietary war formats, it'll never reaches the masses it should (ie, Amazon store restricted to Kindle only devices, etc).
And the reason I mention Amazon now it's because it's the biggest player in the book/ebook industry now. If Amazon was to sell (worldwide) non kindle-restricted ebooks, the industry could grow much faster.
P.S. A little parenthesis here: I was also thinking of purchasing a Kindle 2 (my parents own a House in florida so it was doable for me), but the keyboard sorta scared me. The PRS-505 totally feels like a book if you hold it with the leather cover on, and that's what mattered the most to me. Yeah sure browsing the Amazon store via the Kindle sounds like a good publicity, but once people actually discover how painfully horrible 3G network is, they're mostly gonna revert to shopping on Amazon.com via their real computers

. Had the Kindle been more like the Sony (ie, smaller & no keyboard) it would've been my choice.
P.S.2. Comment specifically from a Canadian. Buying ebooks from the Sonystore, after exchange rate conversion, makes them cost more than simply ordering paperbacks on Amazon.ca. Not sure they're gonna get many sales from the border up north
P.S.3. The sony ebook store stinks heh. I find myself constantly shopping on Amazon.com for titles, then once I settle on one I revert back to the Sony store to see if its available.
P.S.4. The Sony ebook software is an absolute farce, but I'll just leave it at that since my use is minimal at best (to transfer books on my Ereader).