tommys1210, I don't want to be confrontational about measuring on the motor leads but let me respectfully point out why you think you are seeing things differently than in most applications.
First, the use of a sine filter on very long motor leads is necessary but on midrange and short motor leads, a sine filter is simply a waste of money. For most troublesome applications, a motor lead reactor or, at most, a dv/dt filter is all that is necessary. In my 22 years of drive work, I have used a sine filter only once and that was on a job where the motor was 800+ feet from the drive. Of course, if you have stock in MTE or TCI, then it would be a desireable thing to do. But, overkill otherwise.
Second, your statement about not needing shielded motor leads or EMI filters reveals a lack of understanding of their purpose. Shielded motor leads and EMI filters do nothing to reduce ringing and reflected waves on the motor leads. They simply protect surrounding sensitive equipment from radiated electrical noise from the drive output pulses. And, they make common noise problems worse by increasing the capacitive coupling between the motor leads and ground.
Third, your statement that you would bet your life on there being no voltage over 500V at the motor could cost you your life tonite yet! 460V in pure sine wave form reaches 660V twice per cycle. At the drive output, every pulse is 660V high since the DC bus (660V) is chopped into narrow pulses to make the PWM output. And that is assuming that the pulses are perfectly clean with no ringing, overshoot, or other noise. All rather foolish assumptions, I would say.
But, tommys1210, I mean no offense with any of this. I encourage you to get a good 20meg or higher oscillascope with 2000V leads and check this out for yourself. I think you will see for yourself that my claims are pretty accurate. Check before and after the sine filter too. You will see that they also are pretty good but not perfect. And, if you can get your hands on 200 feet of shielded motor leads, check the drive pulses at the drive end and then at the motor end. You will see that the claims of reducing motor insulation stress are "snake oil".