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I posted a detailed review of my new 300 in the News & Commentary forum. (I also posted a pointer to that review here, but it was deleted as a "duplicate post." I think we need to combine the Sony Reader forums!
To answer your questions: FOr the size, if you match up the lower left corner of a 505 and a 300, the top of the 300 comes up to halfway between the top of the '1'menu button and the top of the 505's display. The right side of the 300 is right at the inside edge of the menu buttons on the 505. It is a tad thicker than the 505, about the same thickness as the 500. The light wedge won't fit--the 300 is noticeably smaller than the 505. The conversion option was answered above.
Also, I'm not sure I see the value in the new Sony booklight covers for the 300 and 600, which have a built-in extendable led light. Sure, it is attached, but it makes for a wider cover and doesn't do anything different than a clip-on booklight, of which there are many to choose from. (I use a "z-light) which is a 4-LED clip-on light that uses the large button batteries--roughly the size of a quarter, cheap on eBay--and folds flat.)
Also, note that the 300 does NOT come with a folding cover, but just a soft foam (neoprene?) pouch. I wish they included (or sold separately) a folding cover like the 505's! The 300 does have the small holes along the spine to accept such a cover.
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