I think Wedge has it right above.
I've played extensively with both. I had a defect in my original Mezz, not the greatest experience trying to replace it, and switched back to 314-2 and then OB Classic. A few months ago I ran into someone with a Mezz shaft and decided to give it another try, now it's my main shaft again.
For me, the Mezz WD700 (or slightly newer WX700), is a nicer size - 12.5mm instead of 12.75mm. Also one piece construction, so unlike some previous laminated products, there are no glue lines to worry about eventually cracking from use, expansion/contraction, etc.
I feel it provides a truer maple shaft feel than the other LD products, a little more solid and slightly stiffer feeling hit. You may notice something different depending on the joint or tip you are using. That being said, the differences are not night and day, just a slight preference for me, they are not so far apart that I can't just grab any other similarly sized LD shaft (314-2, OB1, OB Classic, etc.) and play pretty much the same. Just prefer the feel of the Mezz at the moment, and I do like the 1/4mm size difference as well.
One last thing about the deflection. I'm an "A" rated player, and very picky and sensitive to equipment in pool and other sports, and I have tried probably 6 - 8 shafts over the last 2 years and put them through their paces. There is virtually no difference between the 314-2, OB1 or OB Classic, and Mezz WD700, I can hit the same normal and extreme spin shots interchangeably with any of them. I will notice slight differences, more in sensitivity to speed or what part of the pocket certain shots might go into, but the margin for error is usually large enough where they still go in and most people wouldn't notice.
I think the people who are saying the WD700 deflects more either didn't test it objectively or properly or are using a heavier shaft. One thing I noticed is that the Mezz shafts seem to have a much wider range of weights than the Predator or OB products, probably because of the solid wood construction. I've seen them anywhere from 3.7 to 4.4 oz, and I can tell you from experience that the shafts on the high end do deflect more than the lighter ones or the similar Predator/OB products. When I bought my most recent Mezz, I asked the dealer to weigh the ones they had available, they had a 3.7, 3.9, and 4.3 and I chose the 3.9 and couldn't be happier.
Long, but hopefully the info was useful.
Scott