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Second, is the EP500 worth the cost difference from the EP350?


Most definitely, there is a world of difference between the two subs. I'm one of the several on this board that have upgraded from the EP350 to the EP500 and Imho the two are in different leagues. The EP350 will do a good job, the EP500 will rock the foundations.
I would also go with the High Gloss, the pictures I've seen of that finish are stunning.

A computer once beat me at chess, but it was no match for me at kick boxing.