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Most everyone here has paid more for a device than you are looking to pay so their perceived value is higher and they would all spend more. However, I would look carefully at the answers. Everyone has said, do what you will, but I would spend the extra $50.
There are three things I think you need to consider.
1) Don't assume you can read PDFs on this device. I have heard some very satisfied folks who read pdf's in landscape mode on a Sony. However, the general consensus seems to be that you will not be satisfied with pdf's on a six inch device. Those who are most satisfied are usually willing to specially process the files to trim off unwanted white space and even resize the pages before loading them onto their Sony, so if you aren't a tinkerer then think twice about pdf's on 6".
2) I'm not sure where your 500 to 1000 page calculation comes from. Remember that a e-reader screen size is not directly comparable to a paper book. Furthermore, don't ever believe that 8,000 pages on a single charge that the ebook manufacturers give you. There are quite a few factors that make it the battery life considerably less than that. Some folks report reading about three weeks per charge. I'm lucky to get three days, and I've used four different e-ink devices and seen this consistently across all four. I suspect it has to do with how you read. However, I can usually complete a single book on a full charge. If your battery is beginning to weaken; however, I wouldn't count on getting through an entire book.
3) If you aren't aware of it, the 505 is being discontinued and replaced with an upgraded model. I expect this to mean that you will find better prices on the 505 in the near future. However, just to be contrary I will report that some people like the 505 better than the upgrade. This could lead to a rising price for the 505 since it isn't manufactured any more.
Good luck
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