Well, first of all, the SPS is only around $450-500.00. Your 700 is a little more pricey andis made for varmint and predator hunting, is made of better quality materials and is probably more accurate than the SPS. Your 700, if I'm not mistaken, has a stainless steel fluted barrel and a custom stock. The 700 SPS was made for someone on a lower budget. It still has great accuracy, and has a wider range of calibers, and the finish on the barrel is made out of some kind of steel carbon material, not stainless. I was seriously considering getting the SPS in 7mm-08, until I my dad gave me his 700 CDL.