I see the vmc/imc issue. It used to read visual vs instrument approach. It was changed for a few reasons. Like the guys who would get busted for not being stable below 1000' on an ILS even if it was VFR conditions.

The way I read it now is if you're on an instrument approach, but vmc, the 500' call is made, since it's based on flight conditions and not type of approach. If it's imc then you should've already gone around anyway.

I'll have to check to see what the true intent is.