Essentially a D3 shrunk down and squeezed into a body roughly the same size as a D300, the D700 shares the acclaimed 12.1MP full frame ('FX') sensor as the D3 and has the same processing engine, so we would presume output to be almost identical. The main differences (aside from being considerably smaller) are physical; there's a different shutter (good for 150,000 exposures rather than 300,000 on the D3), different viewfinder prism (with 95% coverage) and a slower burst rate.