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Christopher, there's only one difference and that's where it was manufactured. The one for $504 was manufactured in Austria. This one for$499 was made in the USA. They're absolutely identical other wise. You can always tell where they're manufactured by the model number. Ones starting with P are made in Austria, ones starting with a U are made in the USA. Ones made in Austria tend to be a few dollars more but they're the same pistol. Hope this helps.
Christopher, forgot to mention about the finish. The newer gen 5 has a ndlc finish Wich is better, more resistant to rust and scratches. Gen 3 has the more standard matte finish Wich is ok but the gen 5s finish will be much nicer. Hope this helps.