Probably the most famous rifle action ever. For several great reasons such as versatility, accuracy, and durability. Many gunsmiths have great knowledge about this action, and are great at working at it. People also use the 700 action for custom rifle builds.
A bolt action rifle, available in many calibers, it is said to be the most accurate "out of the box" of any manufacturer. It is used primarily as a hunting firearm. The US Military also uses it as the basis for their M24 Sniper's Weapon System (SWS) in 7.62x51mm NATO caliber.
I know I would've bagged that deer had I been using a Remington Model 700 instead of this sub-par Winchester.