I had the Yamaha FX770, the FX500's big sister. I also had the Sony HR-GP5 and HR-MP5. While they were good at what they were good at, for the standards of the day, what they weren't good at, they were terrible at.
The only reasons anyone cares about the FX500, at all, is because of the "Soft Focus" reverb program, which was famously used by Slowdive, and frankly wasn't anything special. If you look at the Soft Focus algorithm, it's simple to recreate something similar or better with modern hardware and software.
Younger players who weren't part of the scene back then tend to glamourize the equipment we used, but the truth is, we just used what was available, because that's all there was, not because it was somehow special. Those of us who are still playing 30 years later are very happy to have moved on to modern gear.