The EL was really supplanted by the 503CW with winder, so there is a more modern solution than the EL out there. OTOH, the 500/501 are classics and the 501CM was the last of that line. I got one of the last 501CM's delivered new and love it.
The EL cameras are great and I've owned one but they are more awkward to use , noisy and heavier. Unless you're triggering it remotely there's little reason to use them. I much prefer the CM cameras. Matter of fact I recently sold my ELM.