Whether or not the names for the new models are appropriate is rather irrelevant. I really do not see this as a progress regarding the 505 and 700 models.
But I do agree that these new models will probably have an impact on the mass market.
Nevertheless, I wish Sony had thought of the professional users, who need a larger screen of at least 9". For fiction reading my 505 does just fine. For technical stuff I use my DRS1000, which cannot compare to Sony quality, regarding fabrication, material, look and feel and software stability.
I do not care about WiFi. That is a feature I really do not need, since selecting a book from my 'library' is always easier on a computer than on the reader.
Even Amazon has seen the need for a bigger reader. I cannot fathom Sony's business strategy…
Just disappointing…