I liked my PRS-505.
I used Calibre to manage the library, and it worked very well. In fact, I use Calibre to manage my Kindle library as well.
The main benefit of the 505, to me, is that it can deal with PDFs. Not perfectly with all PDFs, but well with many (like the classics ones that come with it.) Also, IMO, its screen appeared just a tad more readable than the K2.
The main reason I jumped on the k2 is the Search function, and I am also finding the Dictionary very useful.
Whispernet was fun, but now I just keep it turned off. It's really there to enable spontaneous purchases, but in my case, I already have a long list of books to read, so I don't see getting the urge to buy a title while away from my computer. But, the Kindle store definitely has a better selection, as well as better pricing.
Just figure out what features are more important to you.
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