Hi Darlene,

>So Marty, I have my 700 and my 600 in front of me now. The
>capital M that is to the right of the squiggly arrow, I
>persume means that I am using it in master mode.

You are in Master mode when the On/Off switch is switched to Master mode. The M to the right of the "squiggly arrow" indicates that the Master flash unit is in Manual mode. When TTL is displayed instead of the M, the Master flash unit is in TTL mode.

>Then directly underneath that is another m that I persume once again >is that I am using this flash in manual mode and I can set the
>compensation where I want it.

No! The M below the "squiggly arrow" is the abbreviation for Master flash unit (in this case your SB-700) and the (1/1, 1/2, 1/4, 1/8, 1/16, etc...) indicates the power ratio that the Master (SB-700) will fire at when the Master is in Manual mode.

When the Master is in TTL mode:
To the right of the M (Master flash unit) you will see 0.0EV or what ever flash compensation value you have the Master (SB-700) set to fire at.

>So the A right below that then would be my sb600 flash and I again >manually select my compensation.

Sort of. If you are using Manual flash the Power Ratio will be displayed, not the Exposure Compensation Value!

And then I also need to make sure that my 600
>is set to display the channel and group a since that is the
>only other flash I have...Is all that correct?

Yes! Your SB-600 would have to be set to Group A and the same channel that you have set in the SB-700 in Master mode.

>Now should I decide to have both flashes off camera and use my pop >up flash as the commander, I simply switch this 700 to remote and >have one set to a and one set to b and make the exposure
>compensation changes via in camera..Please say I'm correct and
>then I can sleep tonight......

Sort of:

According to the set up above, if you want to use two Groups, you should set the SB-700 in Remote mode to Group B and the same channel that you have set in the SB-600 and the SB-700 (in Master mode).

You will then have to set up the Built-in Speedlights Commander settings.
Built-in flash (mode: TTL or M) (compensation in TTL or Power Ratio in M)
Group A (SB-600) (mode: TTL or M) (compensation in TTL or Power Ratio in M)
Group B (SB-700) (mode: TTL or M) (compensation in TTL or Power Ratio in M)
And finally set the same channel that you have set in both the SB-600 and SB-700 and your ready to go.

Sleep Well!!!
Good Luck and Enjoy your Nikons!

Best Regards,
Marty