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Kelly,
I was using a 505 for almost 2 years, and got a 300 a few months back. I like the 300's smaller size (fits in a pants or jacket pocket; feels a bit thicker/more solid). If you don't use a dictionary or mp3s or memory card (I don't use any of these myself) then the 300 should be a solid ebook device for you. Of course, the 505 is also great, if a slightly larger screen and overall size average out positive for you. Either way, you'll have a really good reader.
The 505 does come with a cover, which I really like; a comparable cover from Sony for the 300 set me back $30, but I did it because the hinge-connected covers are so handy.
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