I've got limited experience with the 505 since I've only had it fore about 4 books or 3 weeks. :-)
It came pre-installed with 3 images - I'm not sure which format but they did look very nice. I've never seen another reader (save the kindle ads which we can't use) so I cannot campare it to anything.
I have yet to read a PDF on it so I can't speak to that. I know the library here does make books available via PDF so I may one day look at that.
If you use Calibre, most formats should be compatible (convert and load onto 505). I think some formats may require that you strip the DRM though before you can do that.
It is NOT heavy at all. The cover with the light (which I purchased separately) does make it a little heavier than without but it's still very comfortable to use.
Cheers.
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