Having owned both, currently I have the 475, they both have advantages and disadvantages. The 475 isn't proprietary but there is a wider selection of bullets for the 50's. The 475 doesn't recoil nearly as bad as the 500 WE. The 475 components, at least in my experience over the past 6-8 weeks, are harder to find. If I was going to decide today on which I would buy, it would be the 475 but that 500 WE is one bad dude. From a hunting perspective, I think the best use for either is with a 5 or 6 inch barrel and open sights at ranges of 50-75 yards for big critters.