Most of the more powerful XM-L lights can do at least 500 ANSI OTF lumens for 5 mins, with good cells like Sanyo 2600 (very good discharge curve), NCR18650 2900mAh or NCR18650A 3100mAh cells. Most of the lights that take at least 2A at the tail can do that, assuming that the driver is quite efficient.
But if your question is to whether can it do 500 ANSI OTF lumens constantly by regulation, it's gets trickier but I think not impossible, usually people look at lights that take 2 cells (be it 2 x 18350/16340 or 2 x 18650) to be fully regulated, as in the whole discharge duration outputs more or less the same lumens.
I like the Xeno G42/F42 mentioned, even my T5 neutral white does at least 500 OTF.
How about a Shadow JM07? They have a dark gray version, HA with nice finish, no visible PWM, cold-white tint or T6 3C neutral white availabe, 3 mode no blinkies so that's good for flashaholics.....very good form factor. The thing i love about it is that it has a very tough matt finish, HA's quite durable even compared to my Jetbeam/Fenix/Sunwaymans. They also came out a white one. Takes 26650 but has a 18650 adapter included (won't really rattle). Very good value for money. People have torture/stress tested it by dropping it from 5 storeys and Shadow lights are well received in Budgetlightforum and Shoudian. Available at int-outdoor. It is one of the best budget lights available.
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