I have the PE700II and love it. I bought a "refurbished" one from Ken's Sewing Center although he was in the next state over. Saved about $100. I have had no problems with it that the tech couldn't talk me through over the phone. I also purchased my SE270D refurbished from him. The only drawback is that you have to return the machines to him for service but they are covered under the original warranty so basically the shipping is the only cost you incur.
I think Brother updates their machine models just to make us want something newer or better!! LOL