I tried out a 2012 Tribute S-500 a few weeks ago at my local music shop. Really nice, definitely a "hotter strat" like everyone says. More low end and a little less treble compared to the alder-bodied MIM fender strat I tried, but not dark or muddy at all. With the PTB system you can dial in lots of different sounds anyway.
I ended up going with the Tribute Comanche, also mahogany; not that I didn't like the S-500, but the fact that the pickups are hum-canceling was nice and I felt like I could get a wider variety of sounds from the Comanche. Such a personal judgement, though. The Comanche also felt a touch heavier/more dense than the S-500, but again, that could just be my subjective assessment.
What sort of sounds are you looking to get out of it? You'll be able to get lots from the S-500, but whether you like it will depend on lots of factors. If you're looking for a "beefier" strat then I'd say this would fit the bill. If you want something that feels light and sparkly (not talking about weight, just how the sound "feels") or really vintage then it may not work for you.
Just my 2 cents