I just received the 505 and, for me at least, there's no decision to be made. I find the screen on the 505 to be so much crisper and sharper and truly paper-like.
Though I will most definitely miss all the extra features of the 600, I will mostly be reading regular books; ie not text or reference books in which I might need to make annotations etc. So, I will be keeping the 505 and returning the 600.
A big thanks to everyone here and in other threads who helped me find the reader best suited to me!