I pre-ordered the 700 when they were announced. Got one for myself and my daughter. I have to say, i tried very hard to like it. I did like the touch screen to turn pages. I liked it very well to read in complete darkness with the light on.
Then, my husband got a 505. Man ... what a difference. Clarity is better. The writing looks like it is on TOP of the page, not underneath. Clear, not thru smoky glass. I gave away my 700 to someone who couldnt afford to buy one, she loves it. I will not show her my 505 so she wont see that her screen is compromised.
I MUCH prefer my 505. I have since replaced my daughters 700 with a 505 and she is also much, much happier.
My two cents.
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