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The 505 has an option to auto shut off after 1 hour if there is no activity. I believe this can be found in the settings.
As far as manually powering off the 505, the only way, other than through settings, was to install the PRS Customizer hack and perform this function by holding down the center joypad button for 5 seconds. Otherwise, sliding the power switch will put the 505 into standby mode.
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