I was checking my drive chain and spinning the rear wheel as I did so. (it was up on the center stand) Somebody commented that it should spin more freely than it is. I does spin freely, but doesn't keep spinning for many revolutions... it comes to a stop after about 1/2 to a one revolution. In your opinion, does this mean the bearings are going? Or is it just a "GS500 thing"? The bike has been that way since I got it, so it never occurred to me that something might be wrong.

Was your rear caliper attached? Even without pressure, the pads drag slightly which can do what you described.

With the chain off the sprocket and rear caliper removed, the wheel should spin freely.....for a good amount of time.

Could be the brakes dragging, could be the chain too tight, could be bad bearings or axle too tight.

My vote? Take the caliper and chain off spin it

With the chain on, you're turning the transmission. It won't spin more than a 1/2 revolution.
The test is do you feel friction or hear scraping or grinding?
With the chain off, it would spin freely except if the brake is dragging (which it will slight;y do unless you remove it).

Sounds about normal.

Cool. Just paranoid lately.