I would have to ask 2 questions up front to help decide between the two. 1: Do you reload? There are a lot more options out there and for somewhat less expense in the 475 than the 500WE in factory loads. 2: Are you a cast bullet shooter or a jacketed bullet shooter? If you cast then they are 100% equal, order a LBT mold or two and shoot to your hearts content (I figured out that comparing my cast bullets to Cast Performance bullet it takes about 300 bullets to pay for a mold and Star sizer if you cast already, if you don't start!). As Ken pointed out neither has a lot of jacket bullet options but there is no outstanding bullet offered for the 500WE except perhaps the 350 XTP listed earlier, but they get very expensive to shoot. At $38.00 for 50 475 400gr XTP bullets confirmed I am a exclusive cast bullet shooter in my 475. I will say that 500WE brass is 2 to 3 times the price of 475 brass but once they are purchased they will both last through dozens of reloads.
A buddy got a 4 3/4" 500WE last year and I got 4 3/4" 475 and it has been interesting to shooting them side by side. For recoil with equal loads they are impossible to tell apart. Now my buddies gun is a round butted gun and I really like the feel and recoil of the round butt compared to my standard grip, I may send my grip frame off and get it round butted but I have not decided yet. I need to shoot them side by side a little more first.
I would say if you reload develop a couple levels of loads to shoot, a standard pleasant to shoot load, and mid level North American hunting load, and a max power stomp anything on earth load. The latter is only because if you by the gun everyone will feel the need to at east have one of those loads developed. My standard load for my 475 is a 375gr LFNPB at 950fps, pleasant accurate, and cheap to shoot with my casting the bullets. My standard hunting bullets is a 425gr WLNPB at 1100fps (I would not hesitate to hunt elk with the 375 bullet at the same speed), I will probably get a different 425gr LFNGC mold that should be more accurate, this same bullet can be pushed to over 1350fps if you want to try that fun (I have for exactly 10 rounds out of 1700 rounds or so that have gone through that gun in the year I have owned it). You don't have to push these big bullet hard to be effective hunting bullets, Gregg pushed his 500WE with a 425gr LFNPB bullet to 1075fps and shot through 45" of mule deer last fall (in rear hip and drove it out the opposite side front shoulder) with decisive results.
Have fun as both guns are fun and you can not lose between the two. I like the 475L a little better but not for any reason that I can voice well, I think part of it is I wanted a 475 for years before the 500WE even existed. Enjoy...