We have tested that quite a lot over here as well. Because AR400 is substantially cheaper for anyone to get because its an inferior product.
We found that the big and fast stuff really hammers it and beats it up too quick. We tested ranges only under 600 yards. We shoot 22LR, 9mm, 45acp, 44mag, 308, 243, 300 WM, and 338 Edge.
At 500 yards, we saw the slightest amount of metal bending, but did not see any noticeable pock marks or dimpling
At 400 yards, we saw a little more bending of the material, very little marks on the steel, small dimples
At 300 yards, we started to beat up the target, bending, dimples, pock marks etc.
At 200 yards, we noticed that is metal is way inferior to AR500. Bullets started to have their way
Ar100 yards, with a rifle I think its unsafe, But we shot some holes in it anyway. Busted right through 3/8" AR400.
I will say that after 600 yards, you should be good to go with 3/8" AR400, but because its a bigger plate, it might start to bow out over time. Not a big deal though, just turn it around and shoot it back to flat.....
If you just shooting it for pistols, slow rifles at long range, you will be fine.
Be careful, at soon as someone tries to shoot AR400 at 50 yards, busts a hole in the plate and steel pieces start to fly back as shrapnel, you all will be wondering why you did not get Premium AR500 to start with.