I have a 700p and love it. I would suggest getting a sideways belt holster for it rather than trying to put it in your pocket. Pocket carrying works if you have pants with large pockets but I never could get it to sit comfortably with a pair of jeans.
As long as you are in an evdo area, wifi is not needed. If wifi is needed, carefully look at the phone as many phones disable the phone portion to run the wifi. A lot of times this can be hacked to allow both and verizon is usually the one disabling that particular feature.
Goku: I think he's pointing out the WM5 that the phone supposedly had. It did have Windows Mobile 2003 but not WM5.