After using the two Harmony 700 remotes for the past few days, I've noticed the one I'm using in the Living Room has some buttons that do not respond well. Mostly the Rewind and FastForward (on either side of the Play button) and a few of the numbers. The 2nd remote is set to work with the same DVR model in the Bedroom, and those RW and FF buttons on it work fine, even when using it in the Living Room. So after trying them both out, it does seem like the one remote has "wiggly" FF and RW buttons, that don't make good contact when pressed. I can even tell because the RF icon on the LCD doesn't appear unless I press+wiggle the buttons.
So back to BestBuy to swap this one out. Hopefully the replacement is OK like the other one.