I must admit that having flown both QFE and QNH airfield procedures I do prefer QFE.
Recently in the States I flew at three airfields in close proximity but with different elevations. I have to admit that having specified downwind, crosswind and baseleg altitudes as well as differing joining and departure altiiitudes all combined to ensure that I spent a good part of the circuit in busy traffic having to refer to a kneeboard to remind me of what height I should be at.
At least with QFE and a set of standard operating procedures you are eyes out at the important phases of approach and departure.
Oh and if 500 feet and below is unaceptable then perhaps it would be deemed safer for all to go round that piece of busy airspace..........
IMHO