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Hi Stu
The difference in sensor size is about two thirds. The 200 has the larger sensor but it isn't twice the size.
The biggest differences, as far as I can see are the focal lengths, the fact that the 200 has a larger screen and hi sensitivity resolution. The 70 doesn't seem to have to downsample to 3MP for ISO 6,400 and 12,800 (as far as I can tell at least). Having said that these sensitivity levels, even combined with the clever EXR technology, are going to be pretty nasty so how much of a difference that makes in reality is difficult to say.
The 70 should offer better discrimatory resolution but the longer zoom range might make the lens more of a compromise than that of the 200.
The 70 doesn't take xD cards so if you invested in those then the 200 might be the better option. I'm not sure about the smaller form factor as DPReview has them listed as almost identical. In fact the 70 is (according to them) 1mm larger.
I'd consider the 70 as the more flexible camera if only because of it's extra zoom range but it depends on price as well...!
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