The lapping process will consist of hand lapping with several different grits of lapping compound the last being 1200 girt.
When finished the slide from it's own weight will glide fore and aft on the frame like it's on ball bearings.
There will not be any 500 round break in period for this gun and I'll be willing to bet it will be just as accurate as any that requires a 500 round break in.
I think manufacturers don't lap the gun as that process adds cost to the gun in terms of labor. Lapping has to be done with the frame / slide detail stripped so you don't get lapping compound into the working mechanisms of the gun.
To do it correctly, you have to thoroughly clean the rails between each compound. You spend more time cleaning the gun than you actually do in the lapping process.
It's easier for them to tell you to shoot the gun for XX number of rounds without cleaning it - which basically does the same thing - laps the slide to the frame.
It's also interesting that Wilson, Baer, DW etc. don't call it "break in." It's just a suggested operating procedure for the first XX rounds as recommended by the manufacturer before cleaning. "Break in" is the term used on Internet gun forums to describe shooting the gun without cleaning it.
There were no instructions included with my two, 2010 DW guns in regards to shooting without cleaning. My two Wilsons suggested 400 rounds while the Les Baer said 200 rounds.
My full custom, which had been shot by the gunsmith over 200 rounds, came with a bottle of gun oil and a letter suggesting keeping the gun well lubricated and shooting it for an additional 200 rounds before cleaning.
While it may peg your "BS meter" it seems to be a standard practice among gun manufacturers & even custom gun smiths to suggest shooting without cleaning for some number of rounds.
Frankly - I fail to see what the big deal is about this process. You buy the gun to shoot it - so what's the problem with shooting it for 200-400 rounds without cleaning it?
If you want to just look at the gun and rack the slide - then you don't need to worry about whether it's been shot without cleaning do you?
If you're going to use the gun as a self defense pistol, I would think it would only be prudent to prove the gun works reliably with at least 500 rounds before you carry it. Why would you take the gun out of its box, load it up and put in in a holster without shooting it first?
I think it's a BS criticism leveled by people who just want to complain about something to make themselves feel like they're truly a gun connoisseur.
Or you can do what I do. I keep lapping compounds in my tool box and that's how I address new 1911's - I run them through a series of lapping compounds from 400 - 1200 grit.
As noted in your post - when you're done lapping the rails - the slide glides back-and-forth under its own weight...