My BV500 is currently placed above the curve of the frame, but "half" is misleading. It's really closer to 1/3 of the pack height from the bottom. When I get home I can measure precisely if you're interested. It's currently sitting on top of my sleeping bag and clothes, which is where I normally would place a bear canister in any other pack, so it's not placed any higher than usual.
I've only worn the pack around the house so far, but it seems to have good load transfer to the hips. I haven't noticed any pressure on my shoulders, and I don't notice the weight being further away. Although I've only worn it for maybe 30 minutes max, so perhaps a longer wearing may prove otherwise. Unfortunately, I've been having some back pains this past week, so I'm not sure when I'll be able to wear it for a few hours.