I am going to buy a .223 cal bolt action rifle for range use mostly, and some light field hunting every once in a while.  I was looking at the rem 700 vs and the rem 40x.  The 40x is twice the price as the 700vs and i dont see much of a difference.  Is it worth the difference in price to purchase the 40x or is it just an overpriced rifle

The 40x comes out of the Custom shop.
TO prevent deformities to the receiver, is not rolled stamps.
The bolt is lapped and squared, the barrel is hand fitted and lapped.  
You can order a factory 2oz trigger.
The rifle is guaranteed to shoot .5 MOA Max, most group around .35 with factory ammo.

The 700 is a production rifle and has a flaws.

I would go with the 22BR or 22-250. The 223 leaves a lot to be desired after 250 yds. The round drops too much speed and the wind will dance the round. The 220 swift is a nice round(speed) but will burn up barrels when pushed to it's limit.  
If the rifle is going to spend 95% of the time on the bench, I would go with the 22BR or 22PPC over the 223.

The 40x is certainly getting into the class of a custom rifle with a matching price.  It will probably be more accurate than a 700vs, but the 700vs should do very well.  A 22-250 has better long range ballistics if you are a varmint hunter.  A 223 bolt gun can be a lot of fun with relatively cheap ammo at the range.  I sold my 22-250 after getting a 223 700PSS.  I just didn't use it any more.  Like I said, the 22-250 is better at longer ranges for varmints, but I retired from that sport a while ago.  Personally I wouldn't put the money of a 40x into a 223 rifle.  A higher powered center fire long range rifle, yes, a 223, no.  Watch-Six  

If your light field use entails walking, consider a compact rifle like the Remington 7, CZ 527, Ruger 77.  When I lived in the desert, I had a Ruger 77 MKII with a 20" bbl with a compact 6X that weighed 6 pounds.  I was very handy to carry and effective on rabbits and coyotes.  Don't neccessarily dicount the range capability of the .223.  With a fast (1/7" - 1/9") twist barrel and heavy bullets people shoot them at 1000 yds and the barrels last forever.