Since you're familiar with cabbages, you know that format removing DRM and format shifting is not that big of a deal. So the question is really about features. Are there particular features you need or want? I know you said you don't have a lot but you must have some.
I have both Kindle 1 and Kindle 2 and last month added a 505 to my collection which I'm using to learn about ePub which the Kindle doesn't use. The devices have strong points and not too many weak.
I have a thread called "
The Grand Experiment", where I'm documenting my 505 adventure and pointing out areas where I feel the 505 is stronger and where the Kindle is stronger (based on my reading style). Personally, I still prefer the Kindle because I like and miss the keyboard, search functions and page turn buttons when I'm using the 505. Your experience might be totally different.
Whichever you choose, get to know the ins and outs of the device and I'm sure you'll be happy.
BTW, I've hacked both devices to make fit my style more. You can do the same.