You're getting really close, but you should be okay. The Sapphire Dual-X R9 270 at http://www.newegg.com/Product/Product.aspx?Item=N82E16814202090 says the minimum power supply wattage is 500W, which is what the one you picked can supply.
Do you recommend something better? (I'm sure cpus also use a little power which would be more than 500w)
No, you should be okay for now. They do not mean that the graphics card uses 500W, but that you need at least a 500W power supply to handle it along with your other equipment (CPU etc.). All this means is that if you want to add, say, a second R9 270, you'll also need to pick up a beefier power supply.
Looking into buying this http://www.newegg.com/Product/Produ...sapphire_dual-x_r9_270-_-14-202-090-_-Product along with that evga psu
Yes, an 80+ rated PSU from a known brand with at least 500w is good. My Be Quiet! 500w runs my R9 270 perfectly.