hey duke
i've got one and been gigging with it for a couple of weeks now. It's quite good, plays and feels very close to an ec-1000 deluxe, the only differences are the non locking grover tuners, no tone-pros hardware, maybe the neck is a bit thicker. I haven't played an ec1000 in a while but the 500 doesn't quite feel like the neck of an ec1000. The body shape is the same, thin-ish with the stomach contour and all. Craftsmanship I'd say is on par, cosmetics; well i've noticed a little offness with the body binding. Oh and the battery clip on the back, it's not the same type as the ec-1000 where you just take it off and put the new battery in, the cover's a screw on!
Otherwise it's pretty good. Toneful and sturdy!