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Would this make sense? Would a bet of 500,000 on the turn be a better bet than 350,000.

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Depends. By making that bet he is offering about 3.5:1 with one card to come. He could be pure bluffing or semi-bluffing thinking that he has a 1 in 4 shot at getting a fold. Or he could be strategically trying to represent a hand which he thinks could put the opponent at a 4:1 or higher shot, based on his assessment of the opponent's hand. Or he could actually have a hand that figures to only give the opponent 7:1 and is trying to keep the opponent in the hand by making a bad call.

This is part of the black art that I'm slowly coming to realize and accept in some of the plays that players like GigaBet, Hansen and Negreanu make. They play the hand by betting so as to appear to have a specific range of hands. Then it is incumbent upon the opponent to think about their holding in a couple of ways or more. How does it stand up against their likely real holding based on the betting pattern. How does it stand up based upon their possible "imaginary" holding that they are trying to represent. Or are the real and "imaginary" possible holdings one in the same .... a big hand.

When used properly, it is a beautiful, confusing and deadly technique. How to defeat it is a whole other matter.

The conlusion is that both players could have monsters, rags or something in between. There is no way to know without looking inside their think-boxes.