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I am a huge fan and supporter of the Sony devices. I own the 505 and love it, but it is not the only really good device out there. I work for a cell phone company and I can tell you that 3G and wifi are ideas that are constantly changing just as formats and technology is. What is usable today may not be tomorrow. You have to decide how much you will actually use those features and if it is worth it to be locked into one dominant format over another.
The Nook does support epub and pdf as well as the ereader format, so if you like the way the device works and looks I would say stick with your first choice. It uses AT&T for its 3G connection and even if that should go away the wifi is still available.
I do not know if the Nook is able to able to be used to check out ebooks from the library, but I do know that the Sony Readers are.
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