Happy new pedal/MFX day!
Looks like we won't be seeing Robert for a bit.
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So most of the factory presets are fairly useless. No problem. Go dig around the Custom Tone section and you'll find some great patches uploaded by HD500 users. Currently, there are just over 415 uploaded.
http://line6.com/customtone/browse/podhd500/

I've downloaded several, keeping the one's that suited me and modifying a few.
Here are some I'm enjoying:

"the wall solo" http://line6.com/customtone/tone/208150/ (I use it quite a bit)

These Eric John based patches are very tasty...
"EJ Clean" http://line6.com/customtone/tone/208493/

"EJ Crunch" http://line6.com/customtone/tone/208494/

"EJ Lead" http://line6.com/customtone/tone/208495/

"Jazz Lead" http://line6.com/customtone/tone/208511/ warm and smooth

"Bold as Jimi" http://line6.com/customtone/tone/208593/

"How Soon Is Now?" -nice Johnny Marr http://line6.com/customtone/tone/208764/

"Floyd-gasm" -This is a really cool patch that gets better when you play around with the expression pedal. http://line6.com/customtone/tone/208606/
"Heel down gives you a massive pad sound - heel up and you're soaring above it. Heel down loves chords played on 2nd position of a Strat - heel up is pure lead bliss in position 4. Hours of fun once you've mastered the timing of it. Great in STEREO"