I went from a 2000 VFR 800 to a 2008 XL700 TransAlp.
Even with the obvious differences in seat height and power delivery I am totally happy with the TA [excepting the general decline in Honda build quality, but that's not a fault of the bike's design]. Where the VFR would get to 60mph in 5-ish seconds the TA takes a while longer and is well out of breath long before the 150 mph quoted top speed of the VFR. Having said that in normal riding I wouldn't say it was a drawback no-one really does that and in normal traffic the TA is quick enough.
The more upright riding position of the TA is better suited to my increasing years and daily commute. Being a short legged person I have the low seat, and hiding behind the touring screen makes the bike better than the VFR for the winter commute - those hand guards are worth their weight in gold!
On the down side, the 19" front wheel takes a bit of getting used to, especially with the OEM Bridgestone Trailwings [oft referred to here as Deathwings] but I've just replaced mine with Michelin Anakees and am having to re-learn how the bike handles as the response is totally different. One of the other guys here has made the same comment about Metzeler Tourances so my view is that the OEM tyres are awful..!
Fuel consumption is better than my VFR 800 but not by as much as I expected, but you lose a lot of the streamlining by sitting upright....
Unlike Agent Orange I very rarely took the bike marshalling, but then I rarely travelled beyond Brands Hatch to get my motorsport fix..! Mine is a commuter tool, and the higher and wider bars and hand guards present their own challenges when squeezing between the delivery van and the taxi, but you get used to that quickly.
As for which one to go for, that is probably as much a personal preference as anything else. The 700 is the newest and most tech-stuffed bike of the series. Looks are a personal thing, but I favour the looks of the 700 over that of the earlier ones. As for reliability, it's too early for the to tell. but there are plenty of others here who could comment on earlier models.
Hope that helps.