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Internal storage can be expanded on the 16 GB and an external hard drive can be used as removable storage. With a USB Hub, there is no limit on storage options. Since the only purpose for internal storage is OS and Apps, 500 seems unnecessary, except maybe for a hardcore gamer. Even then, it's expandable.
Nvidia Shield TV Pro is discontinued. Pick up a 16gb model.
I don't see a reason to go for the 500GB model when you can get the eMMC model cheaper and add a USB flash drive for more storage. I also don't see a reason to wait for a new model. There's nothing that the current model needs upgraded to be better than the competition.
There aren't signs of a new release on the horizon.
Honestly I'd buy a 2017 model 16gb, there aren't much reasons to buy the 500gb model anymore now that Plex metadata can get stored on an external drive.