I own a Reconyx RM 45 (rated #1 by Chasingame.com) which is 2 seasons old and a HC 500 which I purchased in July 2010. I have had very good luck with both cameras. I think the batterylife on the RM 45 is a bit better but I have not tried the lithium batteries in the HC 500 yet. As for the picture quality I believe the HC 500 is better only because the flash reaches further during darkness.
My friend has 4 of the Reconyx HC 60HOs and the picture quality is the best I have ever seen. Because the (High Output/HD) images the batterylife is not as good even with lithium batteries.
I am going to sell the RM 45 and purchase another HC 500 if anyone is interested. All updates have been done and the camera is currently in the field so if you want any sample pictures please PM me with an email address to send them. $325 is what I am asking.