Me and my brother finished playing a 500 point axis vs allies mega battle this afternoon. It wasn't actually too bad taking only 3.5 hours (I thought it would take longer, especially considering stopping here and there). We played eliminate the enemy, with close engagement, and no conditions (it just worked out that way, go figure). Considering the close deployment and all the air dropping going on, the game was right into the thick of things quick. I played axis, my bro played allies (all the models were mine as my brother is a cheapskate). The lists were:
Axis
Sturmgrenadiere platoon
command: kommandotrupp
1st: heavy flak gren.
2nd: axis gorillas + Markus (proxied until my ape x model arrives)
3rd battle gren.
Support: Lothar
Heinrich
Sniper gren.
Blutkreuz platoon
command: sturmpioniere
1st hvy laser gren. + Lara
3rd: axis zombies + grenadier X
4th: recon gren.
support: Ludwig
Sturmkonig
Platoon upgrade: extra panzer
Hans
=499
Allies
Combat platoon
command: the boss
1st: death dealers
2nd: Gunners
4th: red devils
support: Steel Rain
Blackhawk
Elite Platoon
command: Corps officers
1st: Hammers + Rhino
2nd: Tank busters + Action Jackson
Support: Pounder
Platoon upgrade: air drop (Hammers/Rhino)
Assault Platoon
command: Hell Boys
1st: BBQ squad
2nd: Recon boys
Support: Fireball
Platoon upgrade: Air drop ("Fireball" with BBQ squad inside)
First off, mass air drop lists, especially at these point levels are just nasty! With the close deployment, my gorillas and zombies were stuck in 1st turn and he was air dropping what seemed to be everything that wasn't fighting gorillas and zombies, lol. It was gory right off the bat with models being removed like crazy almost right away… luckily he couldn't attack me right after he air dropped, lol. The fireball was actually really good as I would have always fielded the punisher but the fireball did some very very good work when paired with the BBQ squad. He dropped them down right next to three of my units that were purposely deployed inside tank traps and other hard cover and made them fall back in fear of all the cover negating death that they offered next turn. Of course, this conceeded the advantageous hard cover to the BBQ squad and the tank busters/ Jackson combo (which is a scary combo by the way). Of course my sturmkonig did a great job as well by putting a hurt on Rhino and the hammers as soon as they air dropped with a fantastic roll. They were then finished off by Lara and the Laser grenadiers befrore they could do anything.
We traded blows like Rocky and Apollo for the next 3 hours until, in the end (and right down to my last roll of my last turn mind you) I squeezed out an 8-7 win with the heavy flak grenadiers burst attack giving me the cover ignoring oomph I needed to kill off the remaining members of the red devils and giving me the 8-7 win.
It was quite epic. I am actually a little upset that I didn't bring a camcorder to shoot some HD video of it. But then again, stopping to take video after each phase would have probably pushed the game into the 4 hour + range and we didn't have enough Keystone lights for that 
But I know now that 500 point games are doable and will definitely try to do a proper battle report video the next time we bust out the whole collection. I will probably try to convince him to have a rematch once my Ape x "Markus" model arrives and I paint it up. I still have the recon boys to paint as well as both heavy walkers and the red devils and Action Jackson and then its all painted.