Rob,
I've got a 700M and a 700ML. The ML is a 25, 30# stick and the M is a 40# stick. The XL would be a really light rod, like 10-15 and the L would be 15-20. The L is rated 15-30 but if you want to fish anything over 20 on it, you might as well get an ML as it's rated 20-40. The XL is rated 10-25 which would make it about right for 15. There are some gray areas in between the blanks, like you could fish 20 on the XL, L or ML (according to the ratings), but the XL is more of a 15, or even 10# stick IMO, while the L is 15-20, and the ML is 25-30 (I've actually seen the ML rated for 20-30 before). When you think about it, they are graphiters, so it's just like the 900XL or 800L or 900L. The 900XL is a light action rod, but since it's so long, it compensates. A 7 foot rod of the same type action wouldn't have the length or backbone to compensate for the light action, so it would be way lighter (you can fish 20 on a 900XL but it would be tough on a 700XL). So, it all depends on the use. As an "all around" rod, I'd say it's pretty darn good. Might be a little heavy for 15, but it is nice to be able to resort to 20 with no problem. It's tough to pin one rod (especially graphiters) as an all around rod, as they're all so specialized for ratings and techniques, but the 700L is a sweet rod. It's different than the longer rods, like I said, because it doesn't have that extra one or two feet which make it seem like it's heavier because of the huge backbone. This is all of course my opinion, I've never fished a 700L but I've pulled on em in the shop, and I've got 3 graphiters (2 seven foot models) so I've got some idea of the graphiter action, so I think I can draw a somewhat logical conclusion...
-Brian