ViLo,
I don't believe you can mute tracks with the PSR-S500. It doesn't have a full 16-track sequencer, either. Not sure about muting tracks, but I know you can't import styles or create new styles on the E09.
If you can live with the spongy key feel (and slightly smaller keys), the PSR-1500 has a TON more functionality than the PSR-S500. Since the s700 is in the pipeline, sellers might be willing to make a deal on the PSR-1500. Even a used PSR-1100, PSR-2000, or PSR-2100 would be a better choice than the s500.
But don't take my word for it. Go to the Yamaha and Roland sites, download the manuals and see for yourself!
Ted S.
[This message has been edited by TedS (edited 06-25-2007).]