The PT does not require any fender cutting on the LT500R. When I bolted on the PT pipe, I seemed to gain quite a few R's up top compared to the PSI pipe I had previously.

I am confused by this discussion. Why is everyone comparing pipes for the 250 and ones for the 500 as if they are essentially the same bike? Just because a certain pipe manufacturer makes a pipe for the 250 that is good for one range of rpm doesn't mean that same manufacturer's pipe for the 500 will have similar rev characteristics. It is true that some places are more known for making pipes that tend to concentrate power in one area or another. (AAEN, for example, is known for making "peaky" pipes for the snowmobile aftermarket.) However, I don't think you can consider this to be universally true. For one thing, many manufacturers make multiple pipes for the 250 (high rev, mx, drag, etc.) while only making one all-around pipe for the 500. Also, if you have ridden both a relatively stock 250 and 500, you will have noticed that they feel very different. So why does everyone think these two machines will respond the same to pipes simply because they are from the same manufacturer?
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How about CT Racing pipes, do they require fender cutting.?Thanks