Did it really have 537 bugs, or was that an exaggeration?

If I ever worked on a project with that many bugs I'd give up and start over from scratch.

Of course, one of the big problems with bug/feature databases is people will put anything and everything under the sun in there. Like "add puse green option to make widget X more color friendly." And you think, yeah, we might do that in 2 years.. but in all likelihood it'll sit in the bug database until it gets wiped and new bug / feature tracking software is implemented without porting over the old cruft.