We recently had the opportunity to strap down our '08 Z06 test car for chassis-dyno testing.
The test took place at Seffner, Florida's AntiVenom (www.antivenomefi.com), where the car made 451.83 hp and 419.05 lb-ft of torque at the rear wheels. That equates to around 532/493, using an 15% correction factor--easily exceeding the 505/470 factory claim.