I'm pretty sure that even with the first firmware, there was power drain in the "off" state because it's not completely off. Only with the 505 can you really turn it completely off.
You'll probably get around 2-4 weeks of standby time with the 500 battery. Less with the 505 model, but you do have the option on the 505 to turn it off if you know you won't be using it for a while.
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