I've only listened for a short time to the Emotiva, but on my initial listen I definitely have to give it the nod so far. It has made the sound stage quite a bit wider and the imaging seems very accurate and it sounds very authoritative (kick drum has some REAL kick), the HE-500 definitely likes power. This is quite apparent with classical music. And if your done with headphones you can take out the headphone speaker taps and hook up a couple of bookshelf speakers so it is a more versatile solution!
The PS2 is perhaps more musical and magical with vocals on the HE-500. And the tube rolling remains an advantage if you want to tweak the sound. I'm still eager to try out the Project Ember amplifier which cranks up the output quite significantly over the PS2 and should be a nice improvement design wise too.
Edited by daerron - 7/7/13 at 2:22pm