This is a superb 6,400 dpi scanner for 35mm film, 120 negatives, 1/4 plate negatives, and can scan any film size to A4. The resolution of the scanner is as good as a dedicated Nikon 4,000 dpi scanner and noticeably sharper than the admittedly cheaper Epson 4990 Photo and Canon 9950F flatbed film scanners (at 100% mag). With it's 'hight adjusters' for the slide holders it's a bit fiddly to use, but the results are simply first rate. See it fully reviewed at http://www.photo-i.co.uk. The scanner comes with a very good twain interface and Silverfast SE, plus Photoshop Elements 3 (not 4). It deserves Photoshop CS2 though, if you afford it.
The V700 can scan 12 slides or 24 negatives in one go, scan time is in minutes per frame. There are also 120 and 4x5" negative holders, plus an A4 film area guide for full platter negative scans (plus a clip on white matt for A4 reflective photograph & document scans). Digital ICE (Kodak) infra-red scan hardware is included that eliminates dust and scratches from old film (although it can soften the image quality at high settings and add the odd artefact). I don't get much improvement in scan quality going above 3,200 dpi or to 48-bit colour as the scanner is clearly exceeding the grain size and quality of my old SLR slide film (mainly 100 ASA Agfachrome CS and older Kodachrome). Scanning of details in shadows is very good, but the image benefits from Photoshop CS's shadow/highlight utility to lighten these regions (otherwise shadows can be too dark). Photoshop elements 3 [supplied] has a similar tool, but I use Photoshop CS.
Perhaps the only reason not to buy this superb scanner is that the 'improved optics' of it's big sister, the V750 Pro, may tempt you even more when it's soon released - that will cost another £150 over this V700 though. Otherwise, an excellent scanner that should be at the top of any shortlist. In fact I can't really tell any difference in resolution between scans on this scanner and those from an [8,000dpi] £10,000 Imacon Flextight 484 - although the V700 images need far more twain and post-scan Photoshop tweaking to match the Flextight ones and naturally this consumer V700 does scan at far slower speeds. This scanner obviously does great reflective scans as well, but naturally has few advantages over far cheaper models if you don't want to scan film or photographs.