Currently using a Raphael 520C as well. I managed to get it for $25 a few weeks back when Amazon had some Prime-like day sale. IIRC you can hold one button to toggle "erase" mode and another one to toggle "highlight" mode (instead of annotation).
Someone on the Kobo Reddit did voice some concern about whether the finer point of the Renaisser compared to the rounder tip of the Kobo Stylus might be doing some long-term damage to the screen. But other than a few sessions to doodle and test the handwriting recognition, I really haven't used it much.
If Kobo would allow you to sync your handwritten notes with the Android app, I would probably use it more frequently.
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