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Hmmm well I haven't seen a PRS-700 so I don't think I can give you a FAIR comparison, but I have the prs-505/lightwedge combination and it's working great for me so far. I think the prs-700 is backlit...I don't think I'd want that kind of light on mine. I use the lightwedge all the time, even in the day time. It's nice to have that extra bit of light.
Good luck!
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