If your budget is 500K you shoot with RED, a no brainer. The 5D is for ZERO budget.
Great advice if you want a great looking movie with 2 locations, no known actors and no money for marketing or distribution. Just to rent 1 RED for 1 month with all the necessities is $25k. For $25k you can own 3-4 DSLR rigs. Use multiple cameras for each take cutting down on the overall production budget.