Here is a review of the Z700:

http://www.steves-digicams.com/2005_reviews/z700.html

Looks like a very nice camera at a very nice price.
And it also has manual controls.

.....

Christmas lights with no flash.

This type of shot should be made with the camera setting on a tripod. If you don't have a tripod, set the camera on a table, chair or other steady surface.

If Auto Mode does not give you the subtle lighting look you want; set the camera to "Manual" Mode and set the ISO to 100 set the aperture to f2.8 and the shutter speed to 1 second. Take a test shot and examine it.

If the test shot was too dark, double the shutter speed (2 seconds).
If that shot is too dark, double the shutter speed again (4 seconds).
etc.

If the test shot was too bright, halve the shutter speed (1/2 second).
If that shot is too bright, halve the shutter speed again (1/4th second).
etc.

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