I've got 2 SPS and a Vanguard so I can comment on those.
The 2 SPS I have are identical 16.5" models, one in .223, one in .308, ghillie green Hogue stocks, threaded muzzles, just like the pic below
SPS has a heavy blasted, black oxide finish, looks and feels like black parkerizing is the best way to describe it. Barrels are hammer forged, good recoil pads, stock is decent enough and an upgrade from the basic sps plastic stocks, bottom metal is cast aluminum, same with follower, xmark pro trigger is good when the adjustment works ie light crisp break, no overtravel, no creep, I think they have it sorted out now since the recall. Both are easy MOA shooters, with the .308 shooting a bit better then the .223 so far. They were $625 each about 2 years ago.
Recently picked up a Vanguard Blaze in the $399 sale, .243 win as I didn't have one of those yet. The finish is soft bead blast, satin blue job...very smooth finish, hammer forged barrels as well. The plastic stock is very cheap looking and feeling...but comfortable, bottom metal is milled aluminum and showed several tool marks on mine, follower is plastic, 2 stage trigger is good but there is some overtravel and no way to adjust that, it's easily MOA with the cheap Winchester 80gr psp so far.
Some differences:
Vanguard short action is closer to a Remington long action, much shorter stroke on the 700...it's a much more compact action.
Cocking the Vanguard takes more effort then the 700, the firing pin travels much farther on the Vanguard so slower lock time.
Both are equally smooth to operate back and forth with no binding and minimal wobble.
Vanguard has an "M16 type" extractor that looks pretty durable, although I've never blown out or had any issues with a 700 extractor.
Vanguard has the recoil lug built into the receiver, 700 uses a washer type sandwiched between the receiver and barrel.
Vanguard uses torx action screws, 700 hex.
If both were the same price...SPS Varmint and Vanguard, I'd flip a coin.....the Vanguard is a bit better finished but with a terrible stock, the 700 has a few more pluses IMHO and is the better "gun" overall, but not as pretty...more utility like. I like the SPS 16.5" like above MUCH better then my Vanguard.