Level of Power
The level of power will be determined by how many volts you connect to the motor, the nominal voltage of the motor and the weight of the load. If both the speed 500 motor and the speed 600 motors were connected to the same voltage and were propelling the same weight, on average, the speed 500 motor would consume an estimated 163 watts, while the speed 600 motor would consume an estimated 100-200 watts. This consumption of wattage is what controls the level power.
Maximum Current
Another attribution to the difference between a speed 500 motor and a speed 600 motor is the maximum current that's produced. A speed 500 motor can turn a propeller at an estimated 19 amps, whereas a speed 600 motor can turn the same propeller at about 20 amps. A slight difference that can be beneficial depending on what you are looking for.
Nominal Voltage
Lastly, the difference between a speed 500 motor and a speed 600 motor is the voltage. A speed 500 motor averages 12 volts, but a speed 600 motor averages 7.2 volts. The nominal voltage isn't as significant by itself as it is when considered amongst other factors such as the weight of electrical craft and the speed desired.