I'm putting a Free Radical on my Trek 7200 with 700c wheels. It should be arriving in the next few days and I'll be writing up a review in the next week at
http://austinbikeblog.org/. If you aren't sure, check out my write up.
Otherwise, go for it. I know it is less common, but there are people running these things on 700c wheel frames. Just make sure you are using good quality rim wheels with at least 32 spokes (36 would be better.)