503(c)3 Status Versus 508(c)(1)(a)?

Have any churches considered switching from a 501(c)(3) status to 508(c)(1)(a)? Our Executive Committee has been asked by a member to look into it. It seems to offer more freedoms without potential of losing tax-exempt status. I just don't know much about it.

Here is a weblink that explains it a bit more: www.helpinghandoutreach.org