I wonder how Olympus Studio operates the shutter.
Studio controls the camera by sending COMMANDS via the standard USB connections, while the shutter remote cable (and video for that matter) uses ADDITIONAL connections that are on a proprietary USB connector (the E-500 only has connections for video in addition to USB).
The wired remote on the other hand doesn't have any intelligence in it, it's like a door bell switch on and off voltage to the additional connections.
Standard USB has FOUR connections (plus shield)...this is what you connect when you hook up your computer. In addition your E-500 has additional connections on its USB connector for video out. On NEWER E cameras there are additional connections for the shutter release which are not connected to anything on the E-500. So from 4 on a standard USB there are now 12.
As for the Olympus Digital School link you mentioned in the other reply:
http://www.olympusdigitalschool.com/Digital_SLR_Cameras/E-500/EVOLT_E-500_Shooting_Fireworks_Shows/index.html
it is NOT written by Olympus, it is "Brought to you by PHOTOFLEX" which is a lighting company. They are only using generic information and they aren't looking that closely when they write their articles. As well they aren't Olympus experts writing the article; it was probably written just as the E-500 was hitting the market, and they assumed it would still be using the wired remote like the previous E cameras did.
If you look CLOSELY at figure 5 (click on it to enlarge it) which shows the remote options, you'll see it not only shows the wired cable but it also shows the OLD STYLE cable release for Olympus OM cameras (which you CAN'T use on digital cameras).
Also in that image they DON'T show the wired remote that plugs into the USB connector the RM-UC1, but they show the older RM-CB1 which has a ROUND connector that plugs into the E-1, E-3, and the E-300 with the HLD-3 battery grip installed (I know this since I own the E-300 with HLD-3 and RM-CB1)...the RM-CB1 definitely won't plug into the E-500.