I have arc xtpro for my bc396xt, but I used arc 500 for my 106 and I also alternated with Win 500. I actually prefer Win 500 now. I have Win97 for my Pro-163 also. I just looked at PSRE 500and from the screenshots it looks a lot like Win500 - are there actually any differences with the two?
While there are some similarities, one difference between the two is how you edit a frequency. In Win500, you have your "Conventional objects" tab, that will display all of them on a page. You have the same option in PSREdit500. The difference is that to make a change, in Win500, you can do it on that page- update a PL/CTCSS, DCS or NAC code, correct/change the frequency, backlight/LED settings, whatever. In PSREdit500, you click on the frequency to bring up a small pop-up menu to change that objects attributes. Not a big deal, both methods work, but Win500 is a little faster & intuitive in that regard, at least to my tastes.
You can still select (or highlight) a group of objects and make the same change to all in PSREdit (like toggle the backlight setting), by 'editing multiple objects' in the pop-up. I can work with either, and do on occasion, though I use Win500 more than PSREdit500 because of the editing differences. It also seems a little easier to insert a new frequency, in the place within the scanlist, that I want it, in Win500, than with PSREdit500. I can still get it done with the latter, just takes me an extra step or two (of course, I may have overlooked a shortcut somewhere for that).
I've never used ARC500, so I can't compare it at all.