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Played An Ibanez SR500

True, but they could very easily just do a mahogany back with a harder wood on top like they do for the BTB Prestige models (mahogany back, maple top). I personally like the sound of a dense body wood like maple.

Yes, but than it would be more expensive. The SR700 has mahogany body with flamed maple top and harder finish. The color is almost identical to sr500
 
i guess the tone of sr500 is all about two factors:
1. Elixir strings
2. Onboard pre, which has a EQ slope/ramp starting at 1kHz with +0db and ending at 7kHz with almost +15db. And all this while it set all flat! So by design sr500 has hi boost.

ps: i have had an sr505, ripped off electronics and tested it with me pc.
 
I love my 500 as well, I run it through a GK Blackline 600 head and two cabinets 1 4X10 and 1 1X18 it sounds very nice between to two I can get any sound or tone im looking for. I also use a BE-50 Bass effects pedal as well.

For practice I use the SR500 through a Fender Rumble100 Combo and it still sounds very nice. although the GK amp has muh more toneal control and a cleaner sound when turned up.

For strings on the 500 I use BS66 RotoSounds
my other bass is a SR200 Ex series and I use Steve Harris rotosound flatwounds on it.

I dont think for the money esp used you'll find a more versatil sounding bass