Here you go:
awk '{$1 = substr($1, 1, 500)} 1'
Unfortunately, this has the drawback of messing up the field separators between the fields, for example consider this:
$ ls -l | awk '{print}'
total 88
-rw-r--r-- 1 jack jack 8 Jun 19 2013 qunit-1.11.0.css
-rw-r--r-- 1 jack jack 56908 Jun 19 2013 qunit-1.11.0.js
-rw-r--r-- 1 jack jack 4306 Dec 29 09:16 test1.html
-rw-r--r-- 1 jack jack 5476 Dec 7 08:09 test1.js
If I use my answer to keep only the first 3 characters of the first field, I get:
$ ls -l | awk '{$1 = substr($1, 1, 3)} 1'
tot 88
-rw 1 jack jack 8 Jun 19 2013 qunit-1.11.0.css
-rw 1 jack jack 56908 Jun 19 2013 qunit-1.11.0.js
-rw 1 jack jack 4306 Dec 29 09:16 test1.html
-rw 1 jack jack 5476 Dec 7 08:09 test1.js
The original whitespace between all fields is replaced with a simple space. If that's a problem for you, then you can try something like this:
$ ls -l | awk '{$0 = substr($1, 1, 3) substr($0, length($1) + 1)} 1'
tot 88
-rw 1 jack jack 4668 Jun 19 2013 qunit-1.11.0.css
-rw 1 jack jack 56908 Jun 19 2013 qunit-1.11.0.js
-rw 1 jack jack 4306 Dec 29 09:16 test1.html
-rw 1 jack jack 5476 Dec 7 08:09 test1.js