So my new 505hc arrived yesterday. Setup was fairly simple and I did my first ride with it last night. Everything worked great and it even kept detecting heart rate monitors (I didn't wear mine) as other riders showed up. I even connected my phone and tested the text message alert, very cool! When I got back home I had some difficulty doing a wireless sync as I couldn't find the devices mac address and I have my network at home locked down. I opened up the network temporarily and the sync went through perfectly. I hadn't linked to Strava yet so I'll test that after my next ride (hopefully tonight).
Last nights ride was not one of my typical routes, but I was checking the speed on and off with other riders and it seemed to be right on (I used auto detect for setup). I'm going to do a few more rides and test out the turn-by-turn and GPX use and then I'll report back.
If anyone is interested in something specific that hasn't already been covered in the thread please let me know and I'll try it out.