It boils down to a few things. Sony is a hair bit cheaper sometimes (although both can be had for about the same price new, if you look hard enough), and has the metal case, but proprietary firmware. The V3 (Astak EZReader, BeBook, etc are all the Hanlin V3 with different badges), has plastic case but user replaceable battery, and ability to use OpenInkpot. The screens are the same exact part. I'm leaning towards the PRS-505, because of the button layout (easier for me to hold and read with right hand), and possibility of $150 off due to a credit card offer from Sony (I'm waiting to hear back to see if I have been approved).
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