Nblanton, I'm an engineer myself (electrical and computer), I have a W700, and would go for that over the W510:
SCREEN: It's significantly easier for your eyes to resolve 1920 pixels on a 17" screen than a 15.X" screen. The W700's screen, as it comes from the factory, is more than a third brighter than that of the W510. BTW, screensavers are worse than useless with LCD displays, and you should always instead set the system to turn off the screen and its backlight during periods of inactivity. Otherwise, you'll prematurely age the display's fluorescent backlight. The W510 screen is RGB-LED-backlit, which ages significantly more slowly.
PROCESSORS: If you check threads in the W-series forum both here and at lenovo.com (for example,
here,
here,
here and
here, as well as many other threads), you'll see a lot of evidence that the cooling system of the W510 is not sufficient to make full use of Intel's current quad-core processors. Next year may be a better year for quad-cores in 15" machines. You don't mention which GPU the W700 you're looking at has, but the 3700M soundly beats the GPU in the W510, and is much more powerful than any Intel quad-core processor. So the graphics performance is better. If you write software as part of your work, you can also use available development tools to run your own general-purpose code on the 3700M's 128 cores for blazing speed.
RELIABILITY: Hands down, the W700 wins. See
here for a number of reliability issues the W510 has had (and, for a number of the issues, apparently still has). Plus the W700 runs one heck of a lot cooler, because its cooling system is so much better. Cooler electronics live longer. The only issue I'm aware of is that some W700 owners (and owners of many laptops from many manufacturers) have complained of latency spikes caused by NVidia's graphics drivers under Windows 7 (I'm instead running 64-bit Vista, which experiences no such issues). Some users report that the latest drivers direct from NVidia may help in this regard.
If you buy a refurbished W700, I recommend putting the narrow crevice tool on your vacuum cleaner, and vacuming out the small vent holes in the bottom of the laptop's base, which may be partially clogged with dust by now. Without a flashlight pointed directly into the holes, it's very difficult to see the dust. I don't know whether Lenovo catches that or not during the refurb process. And don't delay when you want to buy a particular computer from the Lenovo outlet store -- they disappear fast.
For more info about the W700, check the link in my signature.
Good luck!