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I wouldn't piss on the best part of a 770. Even if they functioned extremly well they are the ugliest bolt gun on the market. Check out the Weatherby Vanguard, you can find them from $300-$400, and they are a higher quality product that is on-par or exceeding the quality of a 700. Before anybody attacks me for liking not liking the 700, let it be known that I own one. I also own a Vanguard and a Howa 1500 (the Howa 1500 action is used for the Vangaurd) and find them to be better rifles off the shelf.
 

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I would argue that the Howa 1500's are. Good rifles for a decent price.

I had a Rem 710 in 30/06 for a couple years. ('02-'05) It was the predecessor to the 770. Had no issues with it, shot well, put several deer in the freezer.
There's a lot of hate for the entry level Rems, I think some if it may be unwarranted. They are passable rifles from a reputable company. Is it your best choice in the price range they are in? Perhaps not, but it's your money, not mine.

IMHO, at least look at the Howa's, also Remington 700's (used perhaps). But if you like the 770, go for it.

ETA: Page 51: CDNN 2011-1 Catalog
The Howa 1500 is my go to rifle. I own a 700 and a Vanguard as well. All are .30-06, and alli are respectable shooters, but the Howa consistantly shoots .75 inch 3 shot groups at 100 yards. The triggers are nice and are user adjustable. Mine came from the factory at about 3 pounds with no creep I could detect. A quick adjustment to 2.5 pounds and it is probably the best shooting rifle I have ever shot. And it comes with a Hogue stock! I don't think I will ever buy another hinting rifle.
 
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