Thanks for starting this thread. I to bought a F550 with no RC Experience, But 10 years before I bought a flight simulator. I had no real ambition to fly an RC aircraft at the time, I only bought it because it seemed fun. I don't play PC games much, but this for me was a PC game with the additional bonus of if I ever did want to take up flying at a later date, then at least this experience would help.
I was only interested in flying helis, and to start with I crashed right, left and center, 3 - 5 seconds was an average flight time. But over time I improved and after a few months was comfortable hovering away from me and towards me.
I cannot emphasise enough how useful the simulator was.
I have flown my F550 10 times now and never crashed it. Use the GPS/atti modes to keep it stable and only try subtle movements to start with. I still struggle to fly it manually. But once your comfortable flying it on GPS, hover it about 15 - 20 ft above the ground and switch it to manual. But have a finger on the switch to flick it back to GPS as soon as you feel out of control. Be warned that when you switch to manual you'll have to increase the throttle to maintain the same altitude.
I also recommend buying some small indoor helis or quads and learn to fly those. Just remember with these if you lose control just throttle down and let it fall to the ground. Damage normally only occurs if you keep the throttle running while it hits something. These small things bounce and usually no damage will occur (but never throttle down with the F550, that could be expensive).
I think that's all I have to add. Everything else every body has said above is perfectly valid.