Hi Guys!
No- the CX500 didn't have the oval pistons... it was another Honda model, and it didn't go into large-scale production. They actually started the oval-bore bit on single-cylinder development motors. You're right that the design was based on the concept that it allowed larger valves in a smaller bore, and they actually wanted to put 'em in production for a racing-advantage, but they found that the production costs and tolerances were economically infeasable.
The CX500 was an 84-degree 499cc liquid-cooled V-twin, longitudinal with the frame. As noted, the exhaust ports were canted outward, with carbs tucked in towards the frame at about a 40-degree angle. This wasn't to keep the exhaust flanges cool, but more to put the carbs where they wouldn't interfere with the rider's knees. The cylinder heads were 4-valve pushrod-actuated jobs, with one pushrod opening two valves through a rocker-shaft, where each 'leg' of the shaft had a 10mm locknut and adjustable head, to allow adjusting valve lash.
The CX500 series was first shipped to the US market in 1978, and it's production ceased in 1985. It was available in several versions:
CX500D (for Deluxe... the 'typical' version)
CX500C (for Cruiser... had slightly different bodywork)
CX500T (turbocharged, fuel injected, lower CR, road-race bodywork and suspension)
CX650C (slight bore and stroke)
GL500 (Silverwing, with fairing & saddlebags)
GL650 (Silverwing, with fairing & saddlebags)
Unlike every other Universal Japanese Motorcycle of the time, the CX/GL 500/650's had ONLY TWO CHAINS in the entire motorcycle. One chain drives the camshaft, the other drives the oil pump. The cycle is shaft-driven. On early models (prior to mid-1981), the radiator is cooled by a mechanical fan. The camshaft is located in a valley between the cylinders (like a classic US V8), and the camshaft extends through the front of the block, to a fiberglass-reinforced-plastic fan with aluminum hub. After mid '81, Honda eliminated the mechanical fan, and installed an electric fan on the radiator, and put a temperature switch on the radiator tank.
CX500s were conservatively rated at about 45hp. CX650's were more like 58hp. CX500T's were about 118hp.
Discontinuance of the CX/GL-500/650 was less due to success, than it was saturation. The little V-bikes went phenominal distance in comparison to air-cooled competetors. They were svelte bikes, weighing in at about 470lbs dry. With floorboards, fairing, stereo, bags, and trunk, mine weighs 517lbs. Add a few more pounds if you change the original forks/steering/brakes to that of a GL1000 (which I did).
As testament to their soundness in design and manufacture, my '79 CX500D had 162,000miles on it when I parked it just under 3 years ago. I had three reasons for parking it: 1) summer was ending 2) Nick was due in December 3) the (original) water pump seal started leaking when running, and I haven't gotten it changed. So I filled the engine with new coolant, filled the motor (to the top) with oil, drained and cleaned the carbs, and tucked it away. If/when I ever get it out, I'll have to go through the brakes, change that pump seal, etc... alas, I probably won't get to ride again 'till my kids are out of school... and by then, I'll probably get a Moto-Guzzi, or a Boss Hoss... or mebbie a 2-wheeled Cub Cadet...