Solved! Go to Solution.
many of your the questions are answered on this page: http://www.developer.nokia.com/Devices/Device_spec
There will be a release of update to Asha 501 any time within next few months addressing many issues and upgrades with new features and support.
However, Support page for Asha 501 clearly says it doesn't support Nokia Suite.
A Simple method to transfer files as per the FAQ on the support page is listed HERE