The only lacking aspect of this camera is the DOF preview. Otherwise you can work around it's weaknesses. It is very good value, but I would suggest getting a used 600si or the new 5 instead of the 505 at this point in time. Price, Wireless Flash, light weight.
Wireless flash is a great feature.
However, camera is not very reliable. Film rewind broke in 3 months. I don't feel like investing into Minolta any more, although Dynax 7 does sound like a great choice. In addition finding a set of lenses with the same diameter is not trivial at all. Excellent camera for price, even with the cheaper lenses.