Driving servos using microcontroller and current limiting
This seems to be a very common type of question.

In general, a power supply is rated for the voltage that it will deliver, and for the maximum current that it CAN deliver at that voltage. It is up to the load (the circuit that is powered) to draw the current it needs.

So, when you have a circuit that states that it needs 5V 1500mA, you need a power supply with a rating 5V, 1500mA OR MORE mA. 

I doubt that a uC will use 200mA under normal circumstances, what you read was probably under the infamous ABSOLUTE MAXIMA section. But it will do as a safe maximum, so 1500 mA should be enough for your circuit. BUT I would feel a bit uneasy about powering a uC and two 0.5A servo's from the same 5V supply. I would go for separate 5V supplies, or if that is not practical, some other means to protect the uC from voltage drops. Maybe a Schottky diode + capacitor.