I've got a Stainless M70 in .308
I've got years of experience with a stainless M70 Classic in .308, and its one of my favorite rifles. With its favorite loads, its consistantly just under a 1 MOA rifle for 3 shots, but also important, it seems to shoot everything fairly well. The WORST group I ever shot with this rifle was just under 2 inches with a load that it, and none of my other .308's, seemed to like. Even cheap mil surplus, like the currently availible Austrailian Ball, shoots around 1" in this rifle.
I like the M70 Classic, as a hunting rifle, over the Remington because of its robust-ness.
-The large claw extractor of the M70 over the small bent piece of wire that makes up the extractor system on the M700.
-THe claw extractor also of course provides controlled feeding, which is certainly a good thing on a rifle used in the field.
-The ejector on the M70 is a larger pivoting blade ejector, will the M700 has a spring loaded plunger. I know that plenty of rifles use the M700 system, but I have also seen this system get corrsion UNDER the plunger and freeze up....because it is not easy for the end user to clean and lubricate. The M70 system is much more robust and easy to get at to maintain.
-I feel the 3 position safety system on the M70 is more postive and versatile.
-THe trigger system on the M70 is much simplier and rugged on the M70 over the M700. The M70 trigger is adjustable, and is easy to achieve a GREAT trigger pull on.
-The bolt on the M70 is field strippable with nothing more than your fingers. The bolt on the M700 requires specialized tools to take apart. Not only is this a positive for the M70 in that you can clean your bolt if it takes a bath in the creek while on a hunting trip[or like me, in the bay of Alaska on an extended bear hunting trip-yeah SALTWATER
], but it also promotes easier cleaning of your rifle without trips to the gunsmith.
Both are great rifles, but I feel the features listed above make the M70 Classic or Pre-64 a better rifle for me and my uses.