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The difference my friend is that the LN40B500P3FXZA is cheaper (not by a lot) partly because it has a less of a contrast ratio, 40,000:1 while the LN40B530P7FXZA has a 60,000:1 which will make the images more sharp and brighter. Also, the LN40B500P3FXZA has less inputs, only 2 HDMI ports, 1 component, 1 composite, 1 digital optical out, and 1 PC input. That's compared to the LN40B530P7FXZA which has 3 HDMI ports, 1 component, 2 composite, 1 digital optical out,and 1 PC input. Plus, the LN40B530P7FXZA has a 5ms response time compared to 6 ms which will cause less blurr to your picture ending up in a better picture quality. Other those specs, the TV's are identical basically, just one is the newer version of the other. Hope this helped. Enjoy your day!
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