yes way. try it. im making house and i am blown away. i pulled up a mix and cut it out of the bass, improved it. so i tried the drums. improved them. lead. improved it, and meant i could bring the high pass down on it. same with a vocal effect, improved. pretty soon my mix has a clarity and openness I couldnt reach before.
bduffy - what can i say - amazing tip. try it... at first it sounds weird but get used to it, then bypass the EQ. instantly a nasty, nasally tone returns and you wonder how you didnt hear it like that before. 500 hz appears to do nothing positive, at least in a busy mix like mine tend to become.