I am no expert, i have some arduino experiance but this is just a theory.
however i assume the analog port would read the effective value of the pulse width modulation, just like your average pot, ldr or phototransistor. the reason for this is that the analog reads the flow of current, not resistance
wether or not the value would fluctuate like crazy i can not say, but this might not be an issue depending on what you intend to do with it. but it is 500Hz so i doubt you would notice anyting other than the effective value
in any case i would make a post on the arduino forum