A Powerbook battery is normally good for 300 to 500 charge/discharge cycles, so yours is towards the end of that range. Doesn't mean it dies an automatic death at 500, however, any use past that is really good.
The symptoms you've described could be due to issues with the battery, DC-in card, or logic board (3 of the 4 power-related components, with power adapter being the 4th). Given the high number of cycles on your battery, I'd lean towards replacing that. The battery has it's own circuitry that tells the system what the battery capacity is, and it's not unheard of for the battery electronics to become scatter-brained.
Unfortunately, there's no diagnostic software available that tests the charging circuitry, so you proceed based on symptoms and replace parts. Our local Apple store told me that when they can't nail down a power issue, the start replacing the least expensive part first and move up from there.