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I'm very pleased with my PRS-505 and it is basically the perfect ebook reader for me. For me, it was an upgrade from the PRS-500. While the PRS-500 was an okay ereader, it had a few limitations (such as not being able to go directly to a specific page, and no ability to put collections on a memory card) that were addressed by the PRS-505. Now, I can pretty much do everything that I need to do with an ebook reader.
Concerning the eBook Library software, I've found the current version (3.0.01.10191) works very well with my reader and on my computer. I sync only collections with my ebook reader (putting some on the internal memory and others on the memory card) and it works perfectly, putting only the books I want on my ereader, and putting them exactly where I want them. Since I format my ebooks for my reader using other programs, I only need the eBook Library software to take care of managing the books in the library and on my reader and it does that job well.
A factor in this is that I recently upgraded both the eBook Library software and my computer (basically doubling the power and memory of my old system) and the extra power took care of the problems I was having with the software (I was using an older version of the software, and my old computer was a basic workhorse system that had enough power to run the software, but it ran slowly). Now, the software quickly starts and runs fairly fast.
I don't foresee upgrading to another reader for a while, and based on my experience with Sony ereaders I'd likely stay with the brand. When I do purchase a new reader, the likely reason is to get one with a larger screen (one with a screen at least as large as a standard comic book page (approximately 6.5 inches x 10.25 inches/165mm x 255mm) so I can easily read both graphic novels and manga on it and enjoy the detailed artwork.
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