Colt got their ass kicked in the last round of contract letting for the M4 and M16. They now are desperately trying to claw back the civvie market share they turned their nose up at for years.
You can get a Colt AR-15 at Walmart for that same $699 now.
Considering my Anaconda in 45 Colt still locks up tight like the first day I got it, I will buy Colt (or at least look at them) when they start producing revolvers again. My series 80 Model O still functions as good as the day I bought it also.
The only gun I have that beats Colt's quality is a Freedom Arms in 454 Casull. Mucho expensive.