On the POD HD500, you *must* reset the global setup options which includes resetting the Setlist names and pedal calibration by:
1. Disconnecting the USB cable connection between HD500 and host computer.
2. Power off the POD HD500.
3. Power on the POD HD500 while holding the LEFT ARROW (<) button while plugging in the power supply to the POD.
If you do not do this, one of the tell-tale symptoms that may surface after a Monkey Flash Memory update is that the HD500 will be stuck in a continuous re-boot/power cycling state (you'll keep seeing the Logo and the unit keeps re-starting itself). Sometimes this may not occur, but a secondary telltale sign that a user has not performed a Global Settings reset is the USB communication between the HD500 and HD500 Edit software will be extremely slow/sluggish.
***PLEASE NOTE: Please also make sure to re-calibrate the onboard expression pedal of the HD500 after performing the Global Settings reset.
Instructions: How to calibrate the POD HD500 Expression Pedal.