I'm looking for a wireless system for mainly my bass, but my guitar as well. I'm willing to spend up to $500, but I'd really prefer to keep it closer to $400. I have no experience with any wireless systems, so I need your guys suggestions and opinions.

Thanks everyone!
People will invariably tell you that unless you spend about two grand, wireless isn't worth it. For your price range, you could look at Line 6's digital wireless offerings. They're supposed to be pretty good.
"Maybe this world is another planet's hell?" - Aldous Huxley
I agree with FatalGear41 unless you spend a lot wireless systems are junk. The L6 relay is soposed to be good, but so was their X2 wierless that I bought for $500+ a few yrs ago and it was not that good. Shure, AKG and Audio Technica make nice wireless systems, but they'll run you $900ish min.
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Line 6 is going to be your best bet for that budget, anything analogue around that mark will be pretty exxy. All the brands that the above poster mentioned have offerings in your price range but really, some thing digital will be the go.
Line 6 is the way to go. I don't notice a difference in tone at all and the price is a steal.
Well, the one thing I like is that the receiver unit I have is a bit bigger than a pack of smokes and fits nicely on my pedal board. No feedback or interference in the 3+ years I've been using it. I have the older X-2 model which is before Line 6 bought the company. I've seen the newer models in action and heard nothing but good stuff about it. You'll be doing yourself a favor by getting either model.