One thing that hasn't been mentioned hardly is the transmission difference. I grew up with Honda four wheelers with the 5 speed transmissions. I greatly prefer the 5sp to the 3sp auto in the 700. My neighbor has a 700 and I find myself missing the 5 gear selections. Even though it is lighter with less hp, I would trust the 500 for work more than a 700. I've pulled around some big logs with my P5 in 4wd and 1 or second gear. The tranny reminds me of my '99 Dodge with the cummins - 1st is so low I only use it pulling a load etc.