chaznsc--
The 505 will read PDF's without conversion--sometimes not very well, but sometimes they look okay. So you can try that before converting to LRF. I haven't converted PDF's to LRF, but know there are ways to do this. (There are posts in other threads here related to dealing with how to convert.)
As to libraries--as Falbe Publishing posted it's a "hit or miss thing". You can check to see if any of your libraries offer the Overdrive service here: search.overdrive.com . If you have a local library listed and it offers books in Adobe ePub (preferable) or Adobe PDF format, you can download them and read them on your reader. The files will expire after a period of days (typically 14 or 21 days).
If you don't have a regional library with Overdrive service or your local drive doesn't have what your interested in, there are some libraries that do offer library cards to out of area residents for a fee. (I paid $100 to the New York Public Library for a one year card) and am able to download books from there even though I live in California.
Hope you enjoy your 505!!
dordale