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I'd try to get my hands on them, and let all your senses participate in the decision. The devices each have some unique pros and cons, but in terms of big-picture items they're very similar.
IMO, trying to decide based on the specs is a wash, unless you have specific needs.
For example, if you're learning English, you might really benefit from the Cybook's dictionary feature.
I will say that I really do like the solid, metal "feel" and the many buttons on the 505. I use those buttons whenever I can to select something directly, since the speed of navigating through items in a list is limited by the slow refresh rate of the e-Ink display. Heck, for casual reading, I'd prefer the 505's buttons over the 700's touch-sensitive controls. I'd rather use a conveniently placed button to flip pages than do a gesture-based swipe. The 505 is easier to use with one hand than the 700.
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