Personally, I find this interesting.
My analysis of the photos concurs with the text, the receiver is neither from an 1886 nor an 1892, but more like a 92 stretched, with a little bit of Marlin 336 thrown in.
I think this 500 will do little to challenge the supremacy of the 45-70/450. However, assuming that this company can overcome the challenges of making a high end niche gun in our failing economy, it certainly achieves where others have failed. Did WWG ever get their 500 S&W levergun out of the experimental stage?
Ultimately, the appeal of .50 cal guns is strong. In my opinion, this gun has a good chance of securing "market share", mostly due to the strong S&W name.
In terms of the 1/2" bore, it was discovered way back in the 1870's that the 45 cal was superior in most real world scenarios to the 50 cal. The testing that went into the creation of the 45-70 was more extensive than words here can relate. Thus the 45-70 replaced the 50-70.
Still, the 500 is an impressive cartridge. In many ways it is far more sensible as a levergun cartridge than it is as a handgun round.
I wish them success.