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I am pretty sure, this volume can easily be handled by OBPM.
Atleast OBPM 10GR3 can.
Although 500K instances would be created in a year, at a single time, only a few instances would remain in the inbox or the workspace depending on the configuration of the engine .
The Services --> Instance Expiration Settings in the Engine Settings of the Process Admin allows that.
Also you need to setup a Archiving db from within the engine settings .
Under Archiving which is under Disposer within the Engine in Process Admin for OBPM 10GR3.
We currently have a process which generates 400 to 500 instances daily. And its working well for the past 1 year. So we have a volume of more than 500 * 365 = 182500 per year.
Make sure the instance size for each instance does not exceed 16KB. Use SEPARATED Variables, sub-processes whereever possible.
Use Local variables whereever possible to reduce instance size. Use external db to store non process info rather than inside the engine using Project Variables.