Well, I'd take the 722 in 222. You can always buy a 700 in 223.
I currently have both, a 722 in 222 and a 700 in 223 and have had many multiples of rifles chambered for both of them over the years. For those that have never shot a 222, it is a great little cartridge, exceptionally accurate. It's a shame that the popularity of the .223 has nearly killed it... People often say that this or that cartridge is "exceptionally accurate" but in the 222's case it exemplifies the phrase. As far as the 223 being "better," I don't think it's better, more versatile yes, but not better... I've had many 223 bolt actions and one or two that were really outstanding but I've found that on average the 222 will out shoot the 223, rifle for rifle...