I've looked at a lot of new M700 Mountain Rifles lately. I'm not impressed. I hate the stock and have seen some poor inletting on recent models. Like GH mentioned, the barrel is thin. Some complain about the harmonics and heat too.
What I did to get around it: bought a SS 700 7-08, a McMillan Hunters Edge stock - pillar bedded and glass bedded, chopped the barrel to 22", Timney 512, Cerekoted Talley LW's and a Leupold VX3 2.5-8. Haven't weight it yet, but should go 7-7# 4oz. Haven't shot it yet, but if it doesn't, I'll throw a Bartlein on. From what I've seen though, it should shoot.
Look around for opinions on stocks...buy once, cry once. I won't buy anything but McMillan from here on out. Shouldn't need another big game rifle (have a 270 & 300 WM), so I'll just upgrade my varmint/predator rigs and start focusing on guns for my kids.