I agree with Audiofeil. My comparison is not on the same table and setup.
Also, I did not know the 507 allows for on the fly VTA adjustment. It is conceivable that my friend did not know how to operate that feature. My recollection is that it involved loosening a nut and then raising or lowering the arm column by hand.
Regarding the improvement from Phantom I to II, I'm afraid there was too much time between my upgrade from I to II to be very specific. Simply, I like the Phantom very much for a) the precise and user friendly jig, b) the precise feeling of its controls and beautiful machining, c) the ability to have more than one arm wand, and d) sonics. Perhaps I would have liked the 507 if I had experience with it in my own system. Sorry, that is not a scientific report. Perhaps others will chime in with more precision.