Since you asked for thoughts, I agree with ATV. Going from a 120 to a 700 is a HUGE step with repair cost over 10 fold. I also recommend something as a stepping stone, 500 - 550 area would be a good place to step and you can buy used one fairly reasonable.

I know seeing the larger 700 would be something very nice to have but not only is cost involved but safety also. Your 120 you can fly about anywhere, but a 700 you better have room because they can kill people and do lots of damage to property.