Are you sure it has a Lo pro Edge?
I bought a RG505bk (black) in 1997. I haven't regretted it. I am not a Guitar guru and can't tell you anything about its detailed origins (except Japan) or situation in the current RG-series (Why do I almost never see them? I believe they were japanese RGs for the european market - anyone?)
But mine was/is a dream. It was set up perfectly and with her I learned to play Vai and Satriani-styled music pretty fast. Before I got a Fender Stratocaster Std. USA it was my only guitar to work with in my home studio and it gave (and still does) me all the range of guitar sounds I wanted: first with a Korg AX300G, then with a Line 6 POD.