I think it depends on your expectation. Don't expect to read an A4 PDF page using the small font (unchanged PDF) in Portrait mode. You probably need to change to landscape or increase the font size (reflowing your PDF).
I'm actually pretty happy with the PRS-505's reflow. I can read the text and refer to the pictures quite well. The only problem is that if I need to see the whole page formatted and have to turn to the small font or change to landscape to see them better.
In all my (few) experiences, I liked most using the built in reader PDF support than converting to another format like epub or LRF.
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