Driven both lots and I seriously would have my large turbo Escos over Waps old 500. It's better looking (in my opinion), far newer and much less laggy. I kicked his arse everywhere we went.
It all depends on what the car's for I guess. Waps was always wary of modding the 500 what with it being such a collectable, when at the end of the day mine is just a fast Ford Escort.