I had a different take on your original meaning. Before I was able to post this you have shown that I was wrong, but you should still consider this.
Since a soft starter cannot change speed, and you mention speed trimming as a necessity, I originally took your post to mean that you were considering 2 prospects: 1) VFD and 2) Soft Starter combined with a fluid coupling, because with a fluid coupling you still need to start the motor, and on large motors that usually means reduced voltage starting.
My additions / comments then to aolalde's list:
VFDs, nothing to add or change
Soft Starter / Fluid Coupling combo
Pros Add:
Smooth acceleration without transition
Soft starter will prevent voltage drop from starting the motor.
Cons Add:
Slightly higher system losses (through the fluid coupling) compared to VFD (I may be wrong about this though, it seems to me we have had this discussion in here before).
Risk of fluid leak or contamination, hazmat containment issues to deal with.
I would also beg to differ on aolalde's assessment that soft starters surge when transferred to the line and can fail to accelerate a loaded motor. The only time either of those things are an issue is when they have been misapplied. The same would hold true of a VFD if you use one that is not rated for the job.
As to cost issues, at 500HP (assuming 460V) the VFD is going to be 6-8 times more expensive than a soft starter, but again, if speed control is a necessity then you must add the Fluid Coupling cost. I'm no expert on those, but likely the combo is more than a VFD.
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