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512mb of ram is more than enough for 500 gigs of traffic even with php/perl/sql running.
Cogent bandwidth has worse latency than other networks such as level3.
I would recommend that you just get a host that will take care of all of your tech support needs for you so you dont even have to worry about any of that stuff at all. They'll setup your daemons, install your scripts and take care of the other duties so you can just focus on your traffic.
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