The 788 used rear locking lugs on the bolt and this had a few advantages.

1) The bolt cycles much smoother than a 700 and the lack of forward locking lugs means there is no need for raceways in the receiver. The single stack magazine also means there is only a narrow cut in the bottom of the receiver, and the 788 has a small ejection port. The combined effect is a very rigid tubular receiver that is significantly stiffer than the receiver on the 700.

2) The spacing of 3 sets of 3 locking lugs spaced 60 degrees apart also allows a shorter, faster 60 degree bolt throw.

3) The trigger and bolt had an exceptionally fast lock time. Remington used the same design on their 580, 581, and 582 rim fires as well as their 540X and 540XR target rifles.

When you combined the stiff receiver with the fast lock time the result was exceptional accuracy - better than the average Model 700, which was one of the problems with the 788 - it cut into Remington 700 sales.

There were also a couple downsides with the bolt design.

1) As noted above the bolt handle was a separate piece attached to the bolt and if you abused them by hammering the bolt open, you could break it off.

2) The rear locking bolt can flex under pressure, so it is not a design where you want to use over pressure hand loads. If you do, in addition to possible head space issues, you will eventually end up with a stuck case and you'll be likely to be hammering on the bolt to get it open. Be sure to adequately size (but not over size) your brass, and work up to max loads carefully.

That said, the SMLE, FAL, and the Savage 99 and most other lever action rifles (except for the BLR) have rear locking bolts. It's simple not a problem provided you don't exceed SAAMI pressure specs.

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The early 788s did not have the bottom metal inletted into the stock. Some folks were offended by that. The early 788s also required the safety to be off in order to cycle the bolt, which was viewed as a safety issue by some, but it's a detachable box magazine rifle so the only round involved is the one up the spout.

The very early 788s had walnut stocks, but birch stocks were the norm, and many of them had an in fashion at the time, but generally unappealing blonde finish.

In 1975 Remington made some changes to modify the safety so that the bolt would cycle with the safety engaged. They also inletted the bottom metal to improve the appearance.

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I have one in .243 that is very accurate and very well balanced for carry in the field. It does what it does extremely well.