I would say, no.

I personally am not a one to upgrade for the sake of upgrading. I say this also because you say you are a 'recreational rider'. I don't think you will see the $700 worth of form and function from the new frame alone.

Better to hold on to what you have, since you say you are satisfied with your current frame. If your looking for a new frame for all your upgraded components you are better off saving up some dough and buying something brand new and saving your old bike for crappy weather and pretty much beating up.

However, If you make a load of cash and $700 isn't more than a weeks worth of entertainment then go for it. But in that case you might as well be shelling out more money for something new