Big Jim's buffalo bows start out with a lot of extras at $475.

Bigjim

You must go to an archery shop and try the bows instead of shopping for a brand. There you'll find everything you need and all the help you can handle.

Rice&Bows

i don't read everythings , but for a longbow, think about Dwyer Longbows, a friend of mine get already 3, they are beautiful, fast and very good hunting bows and the price start under 500 usd

7 lakes longbows-!!!!!!

Samick Phantom $229 delivered and it's a very nice takedown Recurve.
Then, after you learn what you need, you can buy a custom, and give the Samick to a kid.

I would also mention that it is very important to learn how to set up a new bow. This isn't mentioned much. Brace, nockpoint,different strings, different silencers, different way(s) to grip, different arrows, ect. all go toward the proper tune.

To address the original question:
For a new shooter how wants to buy new  and limit to $500, I feel the following would be good guidance.

TradTech 15" Black Onyx Wood/Phenolic ILF Riser $329.99
TradTech Black Max ILF Long Limbs
$129.99

This a a very good shooting bow and the price is hard to beat.
This also provide a platform for future limb options which include longbow limbs.

Bow length can also be changed from 56" - 60" with ILF standard limb lenghts.  I believe non-standard ILF limb lengths (longer and shorter)are available from some sources.

If the new shooter is inclined to stay with a recuve, the options for future limbs is almost limitless.


Freeze

Well, I AM the "newbie" you guys are talking about. If I had to do it all over again, this is what I would recommend:
Pick a new bow in a very comfortable price range. A new guy like me couldn't go wrong with ANY of your recommendations.

Get with an "oldie" that really knows traditional shooting.

Purchase arrows based upon the "oldie's" recommendation.

Shoot it until your arm falls off, you are out of arrows or it breaks.

Start lusting for your next bow (this may occur sooner than later).

I make good money so I purchased a highend T/D recurve. I didn't get with an "oldie" so I had no idea what I was doing. I was just having fun and not hitting a damn thing. I still don't have the right arrow set up but I joined this forum and one other one.
There isn't another trad shooter withing 50 miles of me so my learning curve is very expensive.

I should have gone with inexpensive gear, learned about shooting, arrows, and bows before laying down serious cash. Keeps the frustration down and your compound buddies from shaking their heads. But I did get a pig!

My 2 cents

Purehunter

For a person with a 28" draw length, the Martin 60", X-200 would be my choice. Comes in poundages from 25#-55#.

http://www.shopatron.com/products/productdetail/X-200+Recurve/part_number=X200/189.0.1.1.2466.0.0.0.0?

There are af ew different Kohannah bows at $500 or less.

Kanati , Big Jims buffalow bow , Treadway , Thunderstick , just to name a good few .

Take a close look at White Wolf Custom Bows. Reasonable for the quality. I recommend the Beowulf recurve.

An excellent Samick can be had for around $200.00. They have longbows, recurves, T/D recurves, all for a decent price.

More important than the first bow brand, however, is to not overbow the new archer. That can lead to bad habits that may take a while to overcome.