PLEASE.
FRIENDS DON'T LET FRIENDS BUY TABLETOP TABLE SAWS
If your budget is $500 spend it on a good contractors saw.
I have the
Grizzly G0444Z and can highly recommend it:
Cast iron table and wings
2hp 110/220 motor
Alumi-classic fence (awesome fence)
With shipping, it will bust your budget by about $150 though.
Delta also makes a nice contractors saw (36-680) and I also have heard good things about the Ridgid 3650 which you can pickup at Home Depot for around $547 or so.
ETA: As most have already said the fence is the make or brake of the saw. A bissey fence or bissey clone are the best. Cast iron tops and wings ensure flatness and stability and help dampen vibration from the motor. I upgraded to the G0444Z from a crappy little Crapsman 10" benchtop saw and was totally amazed at the difference. Buy good now or buy good later. Avoid the pain and misery associated with using crappy tools and then having to upgrade. I actually like making stuff now.