I recently purchased four of these units, two for me and two for my dive buddy with the DC7 first stages. I am a relatively new diver and do not by any means have a lot of experience on many different regs. With that being said, I got the 500se because I was in the process of buying a full set of gear, I had done some research on brands (thanks scubaboard!) and I liked a lot of the Hollis Kit. My LDS is an authorized dealer for Hollis and because of some excellent pricing and recommendations from another diver that had used the 500se I made the purchase.
I only have a few dives on them but I can say that I am very happy with my decision so far. One of the reasons I wanted my own gear was because I was unhappy with the performance of the rental equipment I kept getting. On the rental regs, I could feel a difference in breathing effort with respect to depth and being a relatively new diver that kinda stressed me out. These units do not seem to have that problem. The side exhaust is nice, my buddy was always complaining about the "bubbles in her face" and she seems much happier with these regs. I'd imagine it could be helpful for someone doing photography or video as well in that regard.
Before I had the regs in hand, I did read this thread earlier and saw the post about getting down to 200 PSI and dumping out all the gas. That stuck in my mind on my first dive and as we were wrapping up for the day I decided to sit in a few feet of water and breathe my tank down to 0. I managed to get to about 50PSI before I figured that was good enough and I didn't feel any difference in performance. Now granted that was only in a few feet of water.
The only complaint I have had on these so far, and its a non-issue as my buddy now understands the "physics" of the situation, is free-flowing. We are using these as a matched set for primary and backup and when the backup is worn on a necklace and its not tilted correctly when you first get into the water will start free-flowing right into your face.
Other than that I love the regs and look forward to many more dives on them!