FictionWise DRM-free multi-format ebooks are typically available in LRF format, but these are (by definition) not from publishers that require DRM.
The Sony PRS-505 and 700 also read Secure Adobe PDF and ePub ebooks (i.e. any ebook identified as Adobe). FictionWise does not have the best selection of Adobe ebooks (and no ePub at all). I suggest Books on Board instead, and buying Adobe ePub (over PDF, perhaps called Adobe Digital Editions) when it is available.
If you are willing to strip the DRM (although this is not thought to be legal in some places), then a popular approach is to buy Secure MS Reader (LIT), stripping the DRM using ConvertLIT (or ConvertLIT GUI) and then format shifting to ePub or LRF using Calibre.
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