The suspension on both cars are exactly the same, because it works. Same with the shocks. Main difference is the steering geometry on the 502 which is much alike the Associated setup. Many people fit an updated steering rack on the car from JT Models to improve low speed steering. It simply extends the throw on the inside wheel.
If you plan on racing on carpet, I'd get the 502 for the shaft drive. Shaft drive has the benefit of no power-lag whatsoever which benefits the point-n-shoot driving style many people prefer, including myself. The 511 has a small delay (milliseconds) in transfering power to the ground due to the belts.
The 502 also has the added benefit of easier and less frequent maintenance. The 511 needs to be looked after in the transmission department, espcially if you drive on carpet with low wind motors.
The only downside I see with the 502 is the lack of geardiffs.
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