I haven't had any issues for example when taking the SD card out of my 505 which contained all the downloaded classics from the Sony Store in LRX format and inserting it directly and being able to read them on my 700. I am not sure if you have to authorize your 700 to your account in the Sony Store first to be able to do this.
If the books are Sony DRM'ed from the Sony Store you can also either transfer them again to a second device from the Sony Library software or even download them again via your store account.
I think as long as you authorize your device the first time you connect it to your machine, (either in the Sony software or Adobe Digital Editions) you shouldn't have any problems.
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