I'm assuming the first 700 you're talking about is a varmint/heavy barrel BDL in .308 Win? Or is it a 700VS? There isn't too much difference between the 700VS or 700P other than stock geometry & finish. The LTR is basically the 700P with a 20" fluted barrel. In terms of accuracy, there isn't too much difference between the three. The LTR will give you reduced velocity out of the 20" tube compared to the 26" bbls on the VS & P models. In real world conditions, that velocity loss isn't that big a deal, unless you're shooting 1000M +. The LTR, however, has that Look Cool Factor...you just have to decide how much you're willing to spend to look cool!
Less expensive choices now available are the new 700 SPS Varmint & SPS Tactical. Stocks aren't the greatest, but there are more than a few used/new take off H.S. Precision VS & P stocks available for a later "upgrade."