The 300 might be a decent option for you, since you've been reading on the Touch. The 300 has a 5" screen, compared to the 6" screen of the 505. The price of the 300 is nice too at $199. I think the 505 is being sold for $279 now.
The only downside to the 300 is the fact that it doesn't have any SD or MS slots. But, it does have 512mb internal memory which is over twice as much as the 505 has. And, unless you're planning on loading it with a lot of large PDF files, 512mb should be more than plenty. (I have about 200 books on my reader's internal memory and still have room for more.)
dordale