I do like the sights and the barrel length for a combat gun, but I don't like that they are charging so much extra just because they put some guys name on the box.
I know where you are coming from, I dislike paying just for a name myself.
In this case though, Ruger has added a bit more of what I believe the 1911 guys refer to as "carry melt". Most of the rough edges are smoothed, the cylinder radiused etc. The grip panels are more stylish, certainly when compared to the Hoque monogrip.
Also, I think they plan to release just 2500 of them which lends a "limited edition"" flare to it.
And, Ruger did impose a 5% price increase for 2014 which takes a garden variety GP100 price of $565 up to $595. Conversely one might say that, were it still 2013, your $703 gun would be selling for $669.
Plus, there's the wow factor which is mostly a personal thing. When I look at a standard GP100 blue gun I say to myself "nice gun", with this one I said "wow". I realize that's shallow thinking to some degree but every little bit goes towards Ruger's marketing folks trying to pry those extra dollars from a prospective buyer.
Finally, as far as new guns goes, what's the competition? A S&W 686 comes to mind, nicer trigger probably, higher price, and a hole in the frame above the thumb latch where a tiny key goes. From the bottom it's a Taurus, lower price, Vegas-style QC, very functional. For me at least, the value proposition of the Wiley Clapp edition is quite high, high enough to stop my gun shelf eye scanners in their tracks, ask to handle it, and exchange $700 clams for it. YMMV of course.
