I would get the 700!
I have the 500 and it's a great little camera for Mini DV. It's the first camera I ever bought. I got it to learn how to shoot with a full size broadcast camera like (at that time) a Betacam.
The later models can use the larger DV tapes which is really handy for clients who want to shoot a long event,etc.
Being able to shoot 16X9 is crucial these days. It gives you more options for clients. They can to a progressive pull down in post if they want. Tell them it will work better (actually, I'm told it does).
The one thing I'm concerned about is that when you're shooting 4X3, that's going to be a very tight lens. A wide angle adapter might be a good idea in the future.
The problem I had with my JVC is that the producers who called me didn't know what it was. I would tell them it's a great camera, has 1/2" chips rather than the 1/3" chips on palmcorders, a real lens, that it's set up like a broadcast camera, that it's basically a Sony DSR300... They'd um and ah. Then I'd say, "Well, I also have a Panasonic DVX100A" and they'd say, "Oh! That's a great camera! I've worked with that! Let's use that!"
11 hours? WOW!
Have you considered a Sony EX1R? You can shoot DVCAM when you're stringing, and HD for everyone else.