Can someone please summarize the differences between these two models? Benefits/negatives? Thanks!

I will take a stab at it. Model 7 has a shorter action although the opening is larger than a short action 700. The 700 is supposed to be stiffer and there are more after market parts for it. Early Model 7's had only 3 screws to hold the scope mounts and the rear action screw is smaller. I think the newer model 7's have 4 screws but I do not have one to check. The early model 7's came with an 18.5 in barrel and it was skinny. Newer ones have a longer barrel. About all that I can think of. miles

It should be pointed out that while the Model Seven action is shorter in exterior dimensions the mag box remains the same length as a short 700 action.

When most hear "shorter action" they assumer shorter mag length...not so with the Seven to short 700 comparison.

If putting together a true lightweight hunting rifle the 7 is a couple of oz lighter. If you want a precision rifle the SA 700 will probably be more accurate. Many more aftermarket options for the 700.

For me, the Model Seven is preferable to the SA 700 for winter hunting since the room (opening) in the receiver is significantly better/easier for cold fingers to work inside of quickly. Anyone who can use the greater accuracy potential of the 700 with cold, numb fingers is a better man than I.

I do not know if any of the 700s have a "wood bump" at the end of the stock channel to dampen the barrel, but my Model 7 did. It shot horribly, till I free floated the barrel and then it was OK.

I have put a heavier barrel on my model seven and improved it, but when it had the factory barrel removing the bump helped it too. Even with that around 1.5 in groups was the best it would do and that was with a lot of work and a lot of cooling between shots. That said, if you stacked the targets on top of one another, the first shot from a cold barrel was in about a 0.5 group. This was with the 18.5 inch pencil thin barrel. miles

My only gripe with the Rem M7 is that it does not come in Left Hand. So I had to build my own on a LH SA Rem 700.

FWIW, I used a Stainless M7 .243Win take off barrel to build my LH M7 clone. It easily shoots MOA with 95gr Nosler partitions.

My 7mm08 improved on a model seven with a PacNor barrel that I bought here at the fire shoots really well. miles