Skitzer, actually OC'ing your Ti200 to 220/500 does NOT get it to Ti500 performance. The Ti500 default clocks are @ 240/500. Most Ti200 cards are hitting GF3 clockspeeds... 200/460. Therefore, buying one with the assumption that it will OC faster than a GF3 core @ best is false. If you get one, that OC's as high, if not higher is based on luck of the draw.
I was in the same dilemma as I built my new rig. My decision came down between the Gainward GF3 and a 8500. Gainward GF3's have the best 2D of the GF3 line and tend to OC consistently as high as Ti500s. However, I bought a 8500 Retail through Dell for $203 shipped next day air (cheaper than shipping+CA sales tax+$229 for the GF3). Price couldn't be beat.
After reading reviews of the 8500 with their latest driver it seemed to be the best choice. The drivers still need some work, but I'm pretty happy with it. Have a Crystal orb and copper RAMSink on the card, but haven't tried to OC yet. Doing a few more mods on my case before that happens. I have a few games that I play and it works great in them. Performance should be improving soon as ATI will be releasing a driver update before Xmas. I'd expect it to come in even closer if not faster than Ti500 speeds. IQ of the 8500 is great, speeds are fast enough and 2D is even better than my original Gainward GF3. This is my first ATI purchase, and I'm not unhappy with my decision.
One other thing to consider, there is a BIOS flash update for the 8500 somewhere out there for the OEM 8500 (head over to Rage3D forums... someone will send it to you). It increases the core voltage and cranks up the memory speed to Radeon 8500 Retail speeds (OEM 250/250, Retail 275/275). Basically the OEM has the exact same core and memory as the retail card, but it runs slower due to some settings in the BIOS. The BIOS update fixes that.
OEM cards can be bought for $183 on Pricewatch. Oh Zarich m'boy, the Retail 8500 can be had for $239.
I'd imagine with Xmas so near, that price will drop a bit more. Buying a Ti500 @ this point is a waste of money. nVIDIA and ATI will be releasing their new parts within a few months. Those products will be a decent step forward in graphics technology. The Ti500 is an iterative step forward for the GF3 line. If you want a Ti500, buy a GF3 and OC it... there's your Ti500.
The Titanium product line has no difference other than clockspeed from the GF3... just a good old product line extension strategy to encourage folks to waste money on a product that is perceived as new. If you plan on keeping the card for a while... maybe the Ti500 makes sense. But if you're planning on buying a new card when the next round arrives, you're a fool with too much money if you buy one.