I've got the 4" and the 6.5" and both get shot at almost every range session. I do carry the 4" both in the outback and the urban jungle...outdoors I have a custom made (by me) diagonal shoulder holster, and for the urban world I generally carry it in a custom modified day pack like the ones you see people carrying all over the place...few people will ever suspect someone is carrying a .500 Magnum with half a dozen speedloaders.
For urban consideration I tend to favor slugs in the 300-350 grain weight range as these tend to deliver excellent speed from the short barrel with terminal energy in the 1,800-2,000 lb-ft range...this is an ideal terminal KE for deer, and there is a lot of similarity between a wild deer that doesn't "know" it's supposed to go down when hit, and a post-modern, drug-crazed, social miscreant. Just as high-powered rifles firing expanding bullets will STOP a man in his tracks, so too will a .500 Magnum and this is reason enough to include it in my general "defensive array" (I never carry just one gun - usually have 3-4 carried and located to provide options based on a variety of scenarios that could play out. I also carry a variety of edged weapons for the same reason.
I included my rationale for carrying a .500 to show others that there IS a "practical use" for the caliber and gun combination. I can shoot my .500's two-handed, DA quickly and accurately and I know what just one hit will do to a human. Unfortunately all too many these days confuse private citizen defense with para-military-police-tactical scenarios. The two are nothing close. When the military or police need rifle power, they simply choose rifles and carry them openly. They don't NEED to think around the perimeter of the box because they live IN the box as it were. The private citizen should always be examining and experimenting with weapons choices- unconventional to some (or many) rather than simply copy a bunch of "tactical" hooha like that shown on the various shows...this is simply NOT anywhere close to the snapshot self-defense "encounter" that usually ends well once the "perp" and the "almost victim" establish their respective preparedness and willingness to dance. That's a wordy way of saying, most of the time when a thug begins his move and sees the alert response begin to take shape, he breaks off...what we are all "preparing for" is that ONCE in a lifetime situation where someONE, or some group has committed to action.
Anyway...sorry for my open musings, but I want to convey to that one person who reads this that it's OKAY to choose a M500 with the intent to use it as a defensive option...it won't be ideal for every situation, but guess what...neither is a snub-.38, or a 10 oz .380...etc. Those are deep concealment when you sacrifice brute power for something that either settles the matter, or gives you time, space, and opportunity to ramp up your defense.
The .500 is NOT a good choice for those unwilling to load their own for a couple of reasons...one, at roughly $2/shot OTC, few can justifiably afford to shoot one often. Hand loading drops these costs WAY down...but also allows the loads to be tailored...in a wider variety than anything coming OTC. One poster mentioned he shoots 5,000 rounds of .460 a year...at factory prices that's about $7,500 minimum, hand loading will drop it to about $2,500...still pricey, but a lot less so.
When it comes to the shooting experience...I absolutely LOVE the sensation of touching off the .500 magnum! I find it to be FAR more pleasant to shoot than any number of .44 Magnums over the years due to it's weight and effective recoil compensator. I shoot all my X-frames two-handed and single-handed with all loads...that's part of becoming "one" with the gun and realizing it really isn't any more difficult to shoot accurately and well than other large revolvers. I can state unequivocally that EITHER of my .500's is a better feel, fit, and balance in my hand than my Desert Eagle .44! Under recoil, the Desert Eagle .44 with 180 grain factory loads has MORE rotational "snap" due to the massive slide movement and the longish grip makes the hand feel less secure. With top loads, my Ruger SB 7.5" barrel delivers subtantially more recoil rotation and shifts position in the hand...my M29 Mountain Gun with "real" .44 loads hits the palm straight back just as hard as the .500 does....this is my actual experience, other's "opinions" may well vary.
Speaking of the .460...I happen to have a .460XVR...a WONDERFUL revolver that spits out 300 grain Hornady XTP factory loads at 2,000 lb-ft of KE like nobody's business! I LOVE to shoot that gun...single hand hold, side stance, breath into the sight picture and think about the trigger...accurate...amazingly flat trajectory with the 200 grain load which is literally screaming down range! Comparing the .460XVR with the Desert Eagle...again, the big Smith feels BETTER in the hand, and remains highly under control while shooting with just ONE hand on the reigns!
Not to offend others, but when I read comments such as "they (.460/.500) have no practical value I KNOW that person's experience is limited to put it politely...these guns are VERY practical! Huge power that finally makes a multi-shot handgun truly capable of separating a Grizzly from his claws with one shot...but also provide anyone interested the option for use against human predators.
Now, the long barrels are NOT suited for concealed carry in the urban jungle...definitely not "car guns." The 4" .500 or 5" .460 are the choices due to size constraints. Though I personally would not "carry" a .500 with reduced loads for defensive use, "reduced loads" in the 1,100 lb-ft KE range have almost no perceived recoil, yet hit with greater authority than the slimline .44 Magnum, due to the huge frontal area of the .500.
As for which to choose over the other? If I were only going to own one I'd go 4" .500 all the way. Sure the .460 can shoot all manner of lighter calibers whereas the .500 only shoots ONE caliber, but, when it comes to maximum energy in both the "kinetic" form and "knockout" value, the .500 always wins...it can push out a one ounce "slug" at 2,400 lb-ft from a FOUR INCH barrel!
I only have three X frames, but I plan to add the 5" .460 and the 8-3/8" .500...they are the epitome of the modern revolver!