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The 505 has a 6" screen, the 300 a 5". I had been considering the 300, but when I went to the store they also had a 505 in stock, and when I played around with the 300 I found the screen to be a little small for my taste, so I went with the 505. However, that's just my own personal preference - there are loads of people who have 300s and love them.
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