I'd keep the 505 and get a 300 for travel use if you really need to. See if you can try one out before you do, though -- the 300's screen size is too small for me.
I found a very nice carrier at Borders that was meant as a Bible cover -- as soon as I attach a suitable shoulder strap to it, that's going to be my 505 transporter. It has pockets for memory cards and everything, and it's big enough to carry the reader inside a more protective case than the one it comes with (said case being on order from Amazon).
I looked at the 300s, but at least with my eyes, the screens are just too small. I can read them readily enough, but eyestrain starts setting in quite quickly. I love my 505.
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