I've owned a PR20 kit for a couple of years, but with the discount on the MFK700, it's something to consider.  So those that have used both and have opinions they'd like to share, would benefit myself and maybe others on here.

For edge trimming: 100% the MFK700!
Anything else when you have to see the router bit: the colt.

Correct, 3/4 won't work. And for 5/8 I would recommend the 0 degree base. I'm trimming a lot of 2-4mm solid wood edging and I'm very very pleased how nice the MFK performs. Another thing, I noticed while flush trimming: Sometimes you have to climb cut (with the rotation of the bit, instead going against) , to prevent tear-out. While cutting that way the dust collection is almost non existing as the chips are ejected straight past the dust chute.

I spent some time with Festool rep Mitch at the A.W. Meyer show today and he cleared up for me,something to do with the MFK700.  I misunderstood what Andreas had posted.  The horizontal trimming limitation of 5/8 inch is not the width of the edge banding, it's the thickness.  That's as deep as you can set the bit to come out of the router motor.  After seeing all that Mitch showed me, I will be adding the MFK700 to my arsenal of tools.  Happy Shane???