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There's always a chance, but with the 505 and the 700 isn't it also most likely that the next one will be an expansion to the range like the kindle dx rather than a replacement for the 505.
While nobody wants to buy something and then see a new model show up shortly afterwards its not like with a computer or games console that your current ebook will become unable to display the latest novel in ebook form unless a new format shows up and in that case you would have the issue of all your old ebooks to consider anyway.
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