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From my point of view you are correct in your observation, as a 505 owner the features of the 300 are not enough to peak any interest . Probably the only feature that I find interesting is the smaller form factor of 5". However I would most certainly choose the EZ Reader 5" model over the SONY 300. At the same price point of $230 (EZ comes with a leather case) you get much more for your money this includes better performance in addition to more features.
I am very interested on the 600 because the annotation and touchscreen.
One word of caution you mentioned you are looking to read library books, most library checkout MOBI or PDF formats.
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