The VR-509 will get you 2 component video inputs and an RF remote, nothing more, as far as I can tell. As I mentioned previously I have the VR-507 (actually as of Saturday I have two of them). I really had no need for either of these features that the VR-509 offers over the VR-507 but it sounds like your needs may differ.
If you feel comfortable with buying open box, the VR-509 for $217 is an incredible deal. It's really not much of a gamble with Circuit City considering their very liberal return policy, although I've never bought open box from them so you may want to double check what their policy is on such items.