Just to add a few details: The 300 uses the same text size as the 505 (and, I assume, the 600) for a given book. There's about 5/6 as many characters/line and lines/screen for the 300 as compared to the 505. (Yes, I counted!) That's about 2/3 of the text as a 505/600 screen will show.
The experience is very much like reading a book as opposed toan iphone/blackberry. Similar reading experience as with the 6" 505 (and 600), maybe a few more page turns. But the slightly shorter lines reduce side-to-side scanning too. I'm not sure if this makes reading more comfortable than on the bigger screen, but definitely not less comfortable! (Disclaimer: I also own and like the 505 a lot; didn't want touchscreen/dictionary, so passed on the 600.)
I took the 300 to the beach today. Fit easily in my bathing suit pocket, and kept me occupied on the subway and on the sand!
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