I'd rather that $500 million be spent on physics that might have a spinoff value, like particle physics leading to nuclear fusion.
Having said that, it's possible that the technology of the super-gyros on GP-B has spinoff value; I just don't know what/where that value would be utilized.
Flash forward: If Gates were worth anything in science or technology he could fund this and it would elevate him to an Alexander Graham Bell status. As it is, Gates billions are a joke and everybody knows it's because he is a bright hacker not a genius and his product is not inspired. Let him invest in his Indian labor pool, but to fund actual science? Ha! There are software geniuses, BTW.
All of the pages (1-8) are interesting, but this one discusses spin-off benefits:
The Surprising Spin-Offs from Gravity Probe B: Schiff's Cargo
One of which is a better geoid (standard reference gravity surface) of the Earth, providing better sea surface height and surface change data.