I have a 505 and love it. No hardware problems at all.
Other obstacles you might face:
1. Finding books in a format that works on a Sony. (There are lots, and more coming. Check the last ten titles you've bought to see if they are available.)
2. No dictionary. (There is a dictionary that uses an SD card, available on this site. It's still a bit clunky to use).
3. pdf files tend to lose their line break/paragraph formatting when the font is enlarged. (For some this is not a problem. For others it's very irritating.)
4. Finding the cheapest price. Expect to shop a few sites looking. There can be a $10 swing on some books.
Despite the problems above, I still love my PRS-505.
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