I've loved the 292 for a long time and would be very happy owning one - just look up pictures of the 292 on an asso strap....
I also prefer ceramic over composite (which is basically aluminum with a hardened coating), the reliable and easy/cheap to service ETA movement and the 292's size.
That being said, the brown of the 505 is gorgeous and there are those that love it (including Nick, who has an awesome set of PAMs).
Good luck with the choice!