Hi ITG,
I got what I consider an exceptional deal on mine -- $112 USD for the lens and a PK/A adapter. Considering the current craziness in pricing on the adapter, the lens was almost free. The SP 500/8 is one of the better ones out there IMO. I'd say that a good price for a nice example the lens alone would be $100-125.
You do need an adapter -- the PK/A adapter is relatively rare, originally selling for @ $30 USD, but the PK/A is now selling for @ $100 used. The SP500/8 Cat is a fixed aperture lens, so you can get by with a PK adapter (it doesn't have the electrical contacts that transmit aperture value). You should be able to pick one up for under $30 USD -- I have a couple of local dealers who still have old/new stock of these and would be glad to unload them.
It's a good lens, but there are some caveats -- the donut bokeh is usually the most objectionable to the most people. It's got a very thin DOF, so it's hard to focus with its relatively dark f8 aperture through an APS-C viewfinder. It's actually too light to stabilize effectively for handheld shots -- handholding a refractive 500mm has totally different shake characteristics, and the weight of one tends to slow down the hand shake significantly compared to the little Cat lens.
The SP500/8 Cat will, however, beat the pants off most of the 300/4 +1.7x AFA combos (especially the less expensive ones) for CA and PF control though since the design uses minimal refractive elements.
Quote: Would you expect my 55-300 f/4-5.8 with a 1.7 TC to perform well enough as compared to the SP500?
Unfortunately, your 55-300 would not AF at the longer focal lengths as the system requires a max aperture of wider than about f8 total to work, and you have to add a factor of x1.7 to the aperture of the lens because of the TC. The lens is probably sharp enough, but a bit too slow.
Bottom line about this lens -- easily the most cost effective quality 500mm you can buy, as well as about the smallest and lightest by quite a margin . . .but it needs light (f8), is most effective mounted on a tripod, and has very thin DOF and quirky bokeh. A very good 300/4 with an F 1.7x AFA is better handheld, but will cost a minimum of about $500 for both the lens and TC, and will be significantly larger and heavier, and the less expensive lenses in this class will show significantly more CA and PF -- To get very good control of these aberrations, you'd have to go to the F*/FA* 300/4.5s , the DA*300/4 or the Tokina or Sigma 300/4s if you can find one -- they are very rarely offered.
Scott