Not a palm pilot
The PRS-505 isn't a PDA.
The display is amazingly better than anything that Palm ever sold, back in the grey-scale days. It just doesn't bear comparison on any basis (resolution: 800x600 rather than 160x160, contrast ratio: astronomical).
Nor does it chew through AAA cells when you're using the backlight (what backlight? The Sony device doesn't need one, unless you still read under the covers in bed), or lose its memory if you fumble the battery swap.
I travel with a sub-notebook too, but oddly, it takes me more than 3-6 hours to read a couple of books. If you want to use a sub-notebook instead, you'd need a hand-cart loaded with spare batteries (or a portable generator and a gallon of petrol) to match the PRS-505s life.
It's quite simply a niche gadget. It does one thing only, and does it pretty well. Where it tries to do more than one thing, it's pants -- my advice is to delete the MP3 music samples it comes with, lest you accidentally nudge the volume switch and it tries to play something (which will run the battery down in well under 24 hours). But if all you want to do is read, I reckon a single charge should see you all the way through "Cryptonomicon".