HUH?

euh...lol . The specs in one of the stores for the E500 say it has a preset apreture range, maybe its just a typo on their part. But i would appreciate your input for both cameras and which one is better equipped.

OK, I'll take a stab at it. This partly depends on whether you're likely to keep upgrading and building a system or stick with one body and a couple lenses or so. If the former, I'd say it doesn't much matter so long as you like the feel of the camera as you try it out. If the latter, the main difference between these systems is that Olympus is likely to do better for photojournalistic documentary style work and Canon for landscapes; this is because Canon uses a larger sensor and needs larger lenses. (Not so much the Rebel but their high end cameras.)
You might note that only Canon and Nikon currently have true pro systems - some others might claim to but at this moment that's it. Olympus will be back in that game come Spring and we can expect a few others such as Sony and Pentax to move in that direction as well. The Pentax K10D that will be coming out soon would be the new model in this price range that I would be looking at closely, though we don't yet know how it will perform in tests.

Thank you very much. That helped, I think ill be getting the Olympus E500 thanks again

Yes! I have an e-500 also, you truly can't go wrong with this one.