I have an 03 600 X and the only thing I heard about these year of sleds, not sure if it only includes the 600, but I thought I read that the coolant overflow bottle could crack and cause overheating issues. I've never had overheating issues with mine as of yet and I have almost 1900 miles on it now. I think the 500 makes around 105-110 HP, not much less than the 600cc. I would HIGHLY recommend puting in a EPI Pro clutch kit on it, and possibly even regearing if you choose. I put that kit on mine and it made a HUGE difference.
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