Here is a look at the specifications side-by-side:
Just below the red stars there is a link that takes you to "owner's opinions". Click that link and see what owners have to say.
There are few differences in these two cameras other than the obvious one that the A700 has 6X zoom and the A540 has 4X zoom.
I'll be buying my first digital camera and based on the reviews I've read these two cameras seem to be the best in the compact $200 - $300 range. I'm having trouble deciding which camera is better. If i could get some feedback from any a700 or a540 owners I'd really appreciate it!