My informal testing showed that the PSR-500/600 radios do handle simulcast systems a bit better than the 96 and the 396, and digital audio is better overall too, but you will still have cut-outs. If you can position your 500 in a sweet spot, it can do pretty well for having an omni-directional antenna.
Of course if you really want to hear 90%+ of what is being said you are going to need to connect it to a yagi, not the best thing for traveling, but great at home.
There are a few threads dealing with that solution if you want something nice for home listening.
I use a 996t on the PWRN listening a lot to the PPD simulcast and I get great reception! No cut out hardly at all when I tune to the nearest tower (I'd put it at 98-99%). I have never tested or tried a PSR unit however so I cant really compare there.
A yagi would be a good idea, very do-able in the attic. I could mount it on cheapo mic stand like I did with my discone and Diamond X-50. Damn HOA's :-(
I recently did the 2.0 firmware on the 996T and the PRWN seems better, audio is more stable, less annoying peaks and "squawkiness".
Got my PSR-600 yesterday, got to check it out a brief moment before going out the door to work, heard a little of the Chandler system this morning, very clean "sharp" defined, thats better than the 996T right off the bat, hopefully the PRWN has that improvement. Thanks for the input guys, much appreciated....