Hi wellonheels, welcome to MR
Going by your username, I think you'll fit in fine because it's a punny bunch around here.
I have a Kindle and I love it, but everyone who has a 505 loves theirs too. I dont' think you could go wrong with either one. Depending on the type of reading you like to do, I think you might get more for your money with the Sony, especially if you find a promotion like someone had (Borders?) a few weeks ago for 200 USD.