I will say this: The 505 Games of today is not quite the 505 Games of yesteryear. The X360 Kinect title Blackwater (which wasn't terrible, but it was one of their better titles at the time) was published by 505. They also published MMA Supremacy. They've taken a new path it seems and many of their latest published games are pretty good titles and they seem to have found their place.
Ranging from ABZU to Virginia, Adr1ft to Payday 2, they've got a lot of new game themselves.
I'm eager to see where they end up. Definitely not the company I would have expected them to be a few years ago. Taking on Bloodstained could just be the proper shot both need.