505s are amazing beasts in big wind and wave conditions. If I lived somewhere where it blew 30 knots all the time, it's the boat that I would sail. If I lived somewhere where the 505 fleet was more competitive than the I14 fleet, I would probably still be in a 505. Unfortunately neither is the case, so I sail an I14 to get the same sensations and more speed in less breeze.
Definitely check them out, they're my favourite classic monohull.