I had the same exact problem with my 2001 500ho. It was just all of a sudden it had no power, sluggish and also back firing. It had low compression. I had it bored .020 over, new piston, new valve job and put it back together and it still had the same problem. (Service Manual Key here)
I tried everything from carb to electrical and It turns out the camshaft center lobe was worn out! The polaris dealer diagnozed the problem, after I beat myself over the head a million times.
I believe it was 270.00 for the parts and the dealer only charge another 200 for the repair.
NOw it is even better with the larger piston and new valves that I did on my own, I would have fixed it myself but they had it all torn apart already.
Awesome machine now!!! :rider:
Kevin