The 400 seems a bit to small for me in the sense of Canal application,I just see this reel as a pitching reel from a boat,JMO.
My 700 is going into it's 10 year and has been a reliable reel at the canal .I've used this reel for jigging,plugging & drifting eels I have also used it out on the back beach I found it effective for casting further distance with larger plugs in the 3+ oz.when spinning couldn't get it done.
The only thing I've changed is mono to braid and poles, for eight years I ran the 700 on a Loomis 1265C10.5' this fit the Bill for many years but it was a meat stick so I put the 700 on a St.Croix Avid Surf100MH and a 700TE on the Loomis seems to be a successful swap.
Maybe it's me,but I don't understand the "to big for all around use" I know it's all preference and what works for one may not work for the other Guy but the 700 IMHO is no way to big for all around
Bob