After further consideration, and 8 pages of answers, and because I need to distract myself from the new Canadian regulations, there actually is one, simple, black and while, yes or no answer to this question and it's printed right in the specs:
Mechanically, how high can you go?
6,000m in optimal conditions, with a starting point at sea level.
The math:
Maximum service ceiling, the point at which there is insufficient air for the propellers to to provide lift, 6,000m.
Battery life: 25min.
Maximum ascension rate: 5m/s
Maximum achievable altitude in 25min @ 5m/s: 7,500m
But since lift is lost at 6,000m, then 6,000m is the maximum limit.
Unfortunately it would take 20 minutes to achieve 6,000 at 5m/s and another 33 minutes to descend at a maximum descent rate of 3m/s so the battery would expire long before a safe landing.
I understand the argument has been made that maybe you could do a CSC to stop the motors and maybe restart in time to regain control for a landing, but that wasn't the question.
This is all assuming there is a way to override the firmware limit of 500m, but again the question was "mechanically".
Most of these answers are in here but I had a moment of boredom and stuck it all together.