Congrat's on yer new piece!! The 500 I've got has the 8, 3/8" barrel so that help's a bit with the kick. Since I got the gist that you've shot pistols before from reading the thread I think you're gonna like this gun!!!
A few hint's from my experience with this Beastie..
So far the round this gun seems to like as far as recoil and accuracy is the Winchester 350 grain Super X reduced recoil rounds. The best description I can give you of the recoil is a fairly hot .357 mag without the "sharpness" of the kick with these bullets. The guns weight and compensator do a really good job helping out with the kick but, on mine, there really isn't any barrel rise... Even with a 400 grain Winchester full power round the kick isn't that much more than a .44 mag or hot .357 mag.....
When you shoot her for the first time, and every time thereafter, remember to concentrate on the basics: Posture, grip, and target. As was said earlier, 1 round at the time to begin with!
As far as the nick's... I'd contact S&W about it. After all, it's a new gun and you paid premium price for it and deserve a good gun without blemishes!!
Ammo: I'm on an unstoppable search for affordable ammo for this gun as I don't really want to do any reloading. Matt's Bullets is the first site I found that has a 350 grain cartridge for about $2.00 per round. If you'll notice he offers the 700 grain round also!!

Here's the link:
500 S&W : Matts Bullets Ammunition
Believe it or not the cheapest I've found is at Cabela's!! They are manufactured by HSM and are $34.99/box of 20 which is about $1.75/round!! Here's the link:
Handgun Ammunition - Pistol & Revolver Ammo : Cabela's
Take yer time with her, be SAFE, and you'll enjoy that weapon for many years to come!!
Don