I was the EotBS player Andy played first. I didn't find the 500 point limit that bad, it allowed us to play multiple turns (4-6) in the 2 hours given. I think if we go much higher, we'll only get 2-3, and too many games will be decided by who killed the most frigates.
Perhaps it's our familiarity with the rules, but we have a lot of slower players, and if we gave them 1k points, I seriously doubt we'd do much more then move them around before time was called.
It was a fun time, first time out with the fully painted force, and they did well