When Walker designed the 721/722 action, he could have done better on the bolt handle/extraction system. Apart from that, it was a great design The original 722 extractor was a little weak, but the 700 extractor was fine. People who were interested in accuracy soon realized that the Remington 700 was the easy button for building an accurate rifle. Easy to bed, easy to barrel, and with a great trigger.
The separate bolt handle and the extraction cam angle were things which troubled the rifles throughout their production.
I think the earlier 700's, the 870, and the 1100 really epitomized hunting and shooting through the '60's and '70's. I think it's safe to say, guys like Dennis and I felt a bit of a kinship with these models. Especially in Alberta, I think I handled more Remington 870's and 1100's than all other shotguns combined. I can't even guess at how many 700's I glass bedded, or re-barreled, or tuned triggers, or put a recoil pad on. As a warranty 'smith, I got to see what problems one might expect, and believe it or not, there weren't many.
I took a tour through the plant at Illion, NY., in the mid nineties. This was late in their run, and they were still doing most things as they did after the war. It was fascinating. I got to see the barrel making equipment Mike Walker used to make the fine 40x-BR barrels and spoke with the guys in the custom shop. A great day.