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: 501 vs 502 vs 505?
: is the last digit referring to the number of
: positions it is adjusted to ?
No. Nothing like that at all.
All of those are simply variations of the original calibre 500 movement. Often, the variations add additional features like date, quickset, longer power reserve, or other functions that were not on the original calibre 500.
I don't have my book wih me at the moment to see exactly what the differences are in the 500 series. You may want to get the book Omega Designs (see the zOwie links page for details). It lists all the older movements with explanations of their features.
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