There are only 4 features the WFM700 has that the WFM7120 series does not: 1) The WFM7120 only has a split diamond display, no regular diamond is available like there is on the WFM700. 2) The WFM7120 has no histogram on the eye display like the WFM700 does. 3) The WFM7120 has no 2 tile display, only a 4 tile display. The WFM700 has a 2-tile display but no 4-tile display. 4) The WFM7120 has no audio channel status indicator like the WFM700 does.