This has just been released in Australia as the base entry level model.
http://www.cfmoto.com.au/X400%20LE

We are still waiting for the us one. Looks like we need a new catagory. These should sell good if reviews come back positive. I can't wait for the 2up version.

I was talking with dealer this morning and he has sold 10 already. The LE comes with power steering, winch etc. Base model doesn't and is $1,000 cheaper.

Sounds like you might be tire kicking. Going to go trade in your 500?

Not yet, but I would be having a serious look at the 550 if I did.
Had a look at the 400 at the dealers today, very similar to the classic 500.

Nearly lost the engine of the 500 last time out on the property. I had changed the oil and filter the day before and my brother and I were heading a couple of Kms down the road to another paddock. One of the sheep dogs had followed my brothers quad and had pulled up lame. I stopped to pick him up and looked down to see my left boot covered in oil. Closer inspection showed that I hadn't tightened the filter enough and the O ring had squeezed out letting oil go everywhere. We towed it back to the shed, tightened the filter and refilled with 1.5Lt of oil (only holds 2.0Lt). Rest of day I kept looking at filter checking that it was still tight. Thanks to dopey dog I stopped in time, another 2-300 yds and it would have been a solid lump. 

I had this happen to me also. I run the engine for a bit now and look everywhere for leaks. I am also eyeballing the 500 HO (what they call it here). Our outlander 400 is an 05 and starting to really show it's age. Bpraim posted a little info on it but I'm waiting to see what he comes up with addressing some of it's short comings. Doesn't sound too bad as is but I will be calling it a season soon because Minnesota winters come quick and are pretty nasty. I think I will hold off till spring before I think about buying another machine.

Cos,
Bare with me, I will be at the factory to discuss the 550 ho next week, I'll update around the 26th,

I'm not in a hurry about the 550. I'm just pretty interested in it and like to know what I want before I go shopping.