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.