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Well, LRF's not going to "die soon" on your 505, at least, so don't rule it out for that. One 'con' for LRF is that unless you use the Sony eBook Library s/w to copy it to the Reader, the 1st time it's read will trigger a 'formatting' delay of a minute or so, while the 'con' for ePub is that the text displays as left-justified rather than justified on both sides (i.e. with a ragged right edge) and with small page numbers on the right.
Your choice - the default settings in Calibre should give decent results as a starting point for either/both, after which you can try & tweak things if you want.
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