It's less of the same, but better for some.
The North American magazine 'Cycle World' wrote an article about the first preview of Honda's new 500 Four in their May '71 issue. Check out the awesome cover photo and read the article below.
Star of HONDA's lavish preview of 1971 models in San Diego was a scaled down version of the now-classic 750 Four. Displacing 498cc, the new "500 Four" is smaller, lighter, lower and shorter than its bigger brother. This will appeal greatly to riders of small stature who found the weight and the seat height of the 750 hard to cope with.
The weight factor alone should make the Four a fabulous handler, considering the remarkable road holding and agility of the bigger machine. [...] At last, a four-stroke with the added magic of four cylinders in a size that invites throwing it around the curves with wild abondon!
[...] tje samen good things one finds on the 750 are found on the 500: electric starting, hydraulic disc front brake and four snappy looking mufflers, which proclaim its multitude of cylinders.
The bike has a new tank decor, with two-tone coloring and double pin-striping which echoes the shape of the Four's header pipes.
An easy-to-read instrument panel on the handlebars displays four clearly labeled "idiot" lights to apprise you of the operating status of your turn signals, oil pressure, headlight high beam and when you're in neutral.
If you advocate a brisk performing yet compact machine, you may find that the 500 Four is a good alternative to the 750, no matter what size you are.
Cycle World, May 1971.