Tigerkick, the more accurate description is 500 charges. If you charge it all the way up, every day for 18 months, yeah, thats about 500 charges. Most people dont charge it half that often--which would give it a life of three years. The way I charge mine, it should last me nearly 10 years--by which point I will have something else.
Next time before you go trying to pick a flame war, check your facts.