Well, here's another boring, I-was-afraid-of-all-the-cutting-out-issues-but-took-the-chance-anyways-and-think-the-amp-is-great report...
Granted, I've only had the pf500 for about a week now, but I've got two practices with two different bands and a gig under my belt already... and it performed great. One loud practice through a fridge, one through a 4 ohm custom 15 jobby, and a loudish gig through a 4x10.
I love the growly(?) gain structure, but I'm still getting used to the the eq which, as others have noted, is subtle until you get past 3:00 or so. (When I cut, the taper seems to be more natural to me.) I was using a SVT 3 in one practice space, and I was surprised by how different it sounds, despite the similar eq layout (I never use the graphic eq). Not better or worse, just different.
The PF500 isn't exactly my tonal dream amp, but it gets me close. I love where the lows sit in the mix, and I can certainly get enough highs, but there's something about it's presence in the mix that I can't get quite right. It plays nice with the kick and guitars (hello SVT!), but I'm used to being a little more up front(?) in the mids(?) I think?? Not sure. I bet I can fix that minor issue when I work with the eq some more.
As far as cutting out, no issue there. I did get it to go into fault, but I was trying on purpose. It was really really loud and sounded terrible when it did finally fault. My old (non-class D) amp would never have just cut out, but, then again, I have over heated it and melted some components in the past. I think I prefer to have the amp to turn off when I'm doing something stupid.
One question I had while reading through all these threads and all these people having problems with the pf series: do people have similar issues with other class D amps (markbass, genz benz, GK, etc.)? Or is it a design choice on Ampeg's part to have the amp shut off when pushed to far? For example, I noticed in the GK manuals that they say something about the power amp distorting in a bad way if it's too loud. Just curious.