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The store where I'm starting up to play has a lot of new players. We've all been kicking around the idea of painting and building our larger armies in blocks of 500 and we're interested in playing 500 pts games. I'm playing Chaos Space marines but I need some advice on how to play in a field full of Tyranids and other Chaos Space marines. There is also a good Eldar player there too. So here is the two lists I was considering.

First list:
HQ: 2x Demon Prince, Mark of Slaanesh, Lash of Submission, Wings
Troops 1: 6x Chaos Space Marines, 1 with flamer
Troops 2: 6x Chaos Space Marines, 1 with flamer

Second list:
HQ: Demon Prince, Mark of Slaanesh, Lash of Submission, Wings
Chaos Sorcerer, Mark of Slaanesh, Lash of Submission
Troop 1: 7x Chaos Space Marines, 1 with flamer
Troop 2: 7x Chaos Space Marines, 1 with flamer

The lists are pretty much the same. But I've been pulled in these similar directions because I don't want to be overwhelmed by genestealers. But I think Lashing the genestealers into perfect formation for the flamers will work fine and I could use the Demon Princes to quickly engage other teams HQs. I'm also a little worried about investing in two Demon Princes. I can only field 2 HQs and I don't want one to become useless to me in higher points later on. A Demon Prince is much better point for point with a Chaos Sorcerer though. But I don't even know if dual Demon Princes are viable later on in 800 pts, 1000 pts, and 1500 pts. So, what are the realistic pros and cons of each list? Is the choice for 2 Demon Princes viable in higher point brackets?

Why wouldn't it be? The higher the points go, the more likely it is that a single DP will get zapped before accomplishing anything. There comes a point where you need to field two or none IMO.

So after getting a little more familiar with my codex and reading around on these boards I think I'm going to go with the two Demon Prince version. I was also beginning to think of what the next 500 points would be and I realized that this fits to make this army a perfect 1000 points.
Elites: x10 Terminators, 2 Reaper Autocannon
Heavy Support: x2 Obliterators
Should I worry about a lack of vehicles? I'm not much of a strategist and don't really want to get set into the 4th edition rules because 5th is coming out so soon.

You never need vehicles. If you don't like using them, so much the better.

If you're fielding 10 Termies, it's worth getting an Icon for them and at least one PF for insurance (but not too many--remember, it'll be tough to actually get them into CC when you want to).

Two DPs in 500 pts may be perceived as a little cheesy. I expect you will stomp all the other new players effortlessly with a list like that, since few armies that size can drop two of them before they hit the lines and fewer still can stop them once they get there. I would consider dropping one to tone it down a little unless everyone else is also building cut-throat lists.