Yo, I just responded to a thread asking this same question, so I'll repost what I said:
I just received
my SP-505 last week Friday. I am a brand-new producer and had no experience beat-making whatsoever. So, my verdict? I love my SP-505 and I feel like I made a really good choice. Of course I don't have any experience working with other samplers, so I can't compare it, but I can say that my experience beginning to make beats has left me in awe of the capabilities of this "entry-level" sampler, rather than frustrated by it.
When I purchased the SP-505 my basic criteria was this:
1. Hardware, not software
2. Ability to do phrase and single sound sampling
3. Ability to easily edit loop length and to loop phrases, beats
4. Ability to import WAV files
5. Sequencer built-in
6. Some preset sounds, if possible
7. Prices= <$400.00
I basically narrowed it down to the SP-505 or the Korg ES-1. I'm not going to say anything bad about the Korg, because for all I know it is an intuitive, easy to use box. But, what lead me to choose the 505 was two things:
1. The 505 sequences up to 4 patterns, while the ES-1 only does 2
2. The 505 actually has an LCD screen that supports wave-form editing and in general provides a lot of relevant information in a small screen.
Being another new producer, like yourself, recommendations I would make would be:
1. Buy a nice pair of headphones to monitor
2. Set up a stereo if possible to hear how your beats sound that way too. Plus you'll want to be able to sample from your cd player and a turntable and you can run both of those through your 505 and then have the output go directly to your stereo.
3. Buy a good sample cd or two, as I found this makes it very easy to get started making beats. I bought a disc of all hip-hop drum loops and $100 was a lot for it, but I found it is well worth it.
4. Read the manual... The first thing I did when I got my 505 was to start pushing buttons. I didn't actually get anywhere until I chilled out and started working through the manual and trying the stuff it said as it was presented.
Like I said, I am just beginning, so there is a ton more I have to learn about the 505. But, I am definitely happy with my purchase and for whatever it's worth I would recommend the 505 to other prospective producers.
Hope this helps.