The 500's have an extra big freezer which is nice for storing ice. The aft cabins on the 480 are at ground level, so no climbing up and down. It also has separate shower compartments so you're not spraying water all over the head. It also has a different traveler system that takes some getting used to. Some of the 500's have it, but all of the 480's have a separate dinghy halyard, so you don't have to climb up the mast to unhook the main halyard to drop the dinghy.