As I understand it, the Cinch CP505 puts out 5v. I think what WifiJeff was referring to is that Cinch lists it at 5000mA-hr at 3.7v. This is probably because it uses a 5000mA-hr, 3.7v li-ion battery internally, then steps the voltage up to 5v.
As to how long it will last, 5000mAhr @ 3.7v = 18500 mW-hr capacity, divide then by 5v = 3700mA-hr at 5v. But this is assuming a 100% efficient step up from 3.7v to 5v. Assuming that is more like 85% efficient, leaves you 3145mA-hr at 5v, so about 6.3 hours of runtime at a 500mA draw.
The 500mA draw is the max draw though, not average. Who knows what that is -- maybe 425mA as a total guess? That might mean more like 7.5 hours of runtime.