Mranum:
Since I'm something of a history geek I've looked into the Shopsmith's development in the whopping two weeks since I joined the fraternity.
A summary can be found here:
http://www.shopsmith.com/ownersite/toolhistory.htm
The original SS was the 1947 10E/10ER, which was cast-iron, came without a base (you had to make your own), and speed changes were made by shifting belts on the exposed pulleys.
Then in 1953 came the Mark V model 500*, which remained remarkably unchanged from the 'greenies' down to its discontinuation in the 90's, and in fact in its key components, the base and headstock, largely identical to today's 510 and 520.
The three principal changes: in about 1962, the drive belt was changed from a cogged "Gilmer" belt to a poly-v belt; in 1964 the motor was upgraded from 3/4 hp to 1-1/8 hp, and finally in 1984 the single-bearing quill was replaced with a two-bearing design.
There have been numerous small changes, mostly pretty trivial: for instance, on my '78 the protractor head was clamped with a cam lever rather than a screw knob. Generally, though, the only real compatability issue is between things designed for the new 505/510/520 carriage and table, rather than the smaller 500 version. Any 500 of any age can be upgraded to 510/520.
* I don't know (yet) when the term 'Model 500' came into use; it may not have been until the 510 debuted in the Eighties. Nonetheless '500' accurately describes any Mark V with the small table.