505 is a nice section. I have sat over there a few times. Depending on kickoff and time of year you will be dealing with sun in your eyes. You still have a decent view of Charlotte for the ambiance. My only complaint is that North Gate is a clusterfug before and after games. If it's the last row I highly recommend sitting in it first. There are some random seats around the very top of the bowl that are just jammed in there and hard to sit in for bigger guys.
Being far away from the action can be good and/or bad. First of all you need some decent vision to sit anywhere in the stadium. Assuming you do, those 500 level seats give you a birds eye view. You can see every player run their routes or through holes in the defense. Up close you miss a ton of action unless the play is near your seat.
The only other thing is social stuff. On average the lower bowl people are older and wealthier. They don't get as crazy (on average). The upper bowl tends to be more blue collar, more beer, more fights. The seats that don't sell well are usually given to soldiers and underprivileged youth groups. To me we are all Panthers fans but I have friends that don't like the cheap seats.