My understanding is that you can't have G-Sync and Optimus, & Asus went for the G-Sync option. This means you won't get massive run times when watching movies or internet browsing but far less screen tearing when gaming.
By default the laptop can get hot & noisy if you put it to the limit, but if you look at the thread
here there's a number of discussions on how to:
a.) downvolt your system to get the same performance for less heat
b.) tweak settings to keep noise/heat down at the expense of performance
The topic states 702VM but the 502 has the same components.
Having got a 702VM after owning a laptop with an AMD 8970m for 3 years, it's siginificantly less hot & noisy than I was expecting.