i've got an eb1150 and a sony 700. i chose the 700 over the 505 because the touchscreen allows for better ergonomy and allows for a lot of the features i love on the eb1150 (easier navigation, search function, notes...). the eb1150 was my first device and i still love it, but it's so heavy i never wanted to carry it around with me and only used it at home, plus i don't actually love the backlit screen, and i wanted epub support, better charset support, nicer font etc... the 700 is a very nice device, but since the screen isn't as good as a 505 it's not my perfect device yet and i'll upgrade one of these days.
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