THE IMAGING side of the D700 is pretty much the same as the D3 and it shares the 12.1MP full frame ('FX') sensor and the same processing engine.
The main differences, aside from the smaller size, are physical. There's a different shutter, good for 150,000 exposures - rather than 300,000 on the D3, a different viewfinder prism, with 95% coverage and a slower burst rate.
www.nikon.com