I have a 4" 500 and my buddy has a 5" 460. I traded a 10" Taurus 500 for the smith 4". I also have a H&R 500 handi-rifle and my buddy has an encore in 460. We shoot these often on my private (outdoor) range, so I feel quailified to offer opinions on the subject. I have done the simo-fire thing just to say I did and feel no need to ever do it again. I have 250 rounds of brass, and find after about 2 full house loads, the primer pockets get loose so I load that brass with mid loads, and finnally trail boss. I'm down to just 50 rounds of the the full house loads, and now just save them to test my buddies manhood. The 500's recoil is sharp, stiff, and brutal. I was amazed how much less the 460 was in the recoil department. That said, the muzzel blast of the 460, rifle or revolver, is stupifing. I swear I could feel ejecta raining down from the roof of the shooting station when standing behind the shooter. Standing next to the shooter is just obnoxios. I could not imagine firing the beast, even in a field situation, without hearing protection.
The recoil is the issue with the 500. The handi-rifle often breaks open on recoil, and the cheesy plastic rear sight departed for parts unknown in the first range session. I replaced them with Williams aluminum sights, but they wouldn't zero. I'll get around to a new front sight someday.
In short, I have more practical firearms for field use, and consider these mere range toys. They are big, heavy firearms that are difficult to shoot, hard to master, and anything but 'versatile'. The are at the top of the size, recoil, muzzel blast envelope in order to get to an energy level that other firearms can reach easily and more comfrtably.