800 MB is a little big for only 500,000 posts. Do you have attachments and avatars stored in the database (this is the default setting). If so you can follow instructions in the Admin CP to move attachments and avatars to the file system that should bring down your database size...
But 800 MB isn't all that big- if you're running into problems I'd really consider a new server or web host, you shouldn't notice any issues at 800 MB.
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