The reality is always far worse.
A brand new Model 3 will do 310 miles of range. Only you're not supposed to use the top 10% or bottom 10% unless you absolutely have to, to avoid damaging the battery. So now it's 248 miles of range. Unless it's extremely cold or hot, or you have a heavy foot, or you have a roof rack, or it's uphill... Where 200 miles might be more accurate.
My 18-month old Model 3 will do 301 miles, which means best-case 240 miles reality unless I want to damage the pack (more).
I actually love my Tesla, and the pack degradation is fine, and there are lots of other benefits....
But when someone says "500 miles range" I'm going to read that as "probably ~350 miles real range after a year of ownership and if it's cold or something".