i've had/got both, the 700r4 in the '89 Burb, and the 4L60e in the '94 Silverado P/U, both have had to be rebuilt now, but then again, BOTH lasted over 200k, actually the Burb lasted till 215K and the Silverado lasted till about 210k, both have been used for towing, previous owners of the Silverado (retired folks) used it to tow a travel trailer, guess the 4.3 wasn't enough for them, although they drove it till 150k, when we bought it...
the 400 i had was in my dually, i understand they are strong transmissions, which is probably why it was stock in a 1-ton truck, but with only 3 speeds, and the lower tires i installed on it, it really hated the freeway pushin like 3500 rpms at 70mph with 29.5" tall tires.
both the 700 and the 4L60 have been rebuilt with better quality parts for long lasting performance, and both were reworked for firm, but not harsh shifting.
i am just partial to the 700 now because of the overdrive i guess, as i kinda do alot more highway driving, not alot of towing, but some sometimes...