As I've posted in other threads, my husband has a 700 and I have a 505. The screen on the 700 isn't as good as the 505, but I don't think it is "utter crap". It is very readable. I'm happy with my 505, but an definitely comfortable reading on my husband's 700.
To the original poster--I agree with the others...if you're going to buy another, I'd go for the Kindle--that way you'd have the best of both worlds. And once you get the hang of it, it's pretty easy to format shift so that you can have your content on either device.
dordale