I have heard that the 340 is a better pump than the 307. The 340 draws less current and has better internals. At least that is what I was told by someone who works very closely with these pumps. Also the 340 can go to 80 PSI, whereas the 307 can only go to 70PSI unless it is "modified" There is a pressure release spring that needs to be kept closed in order to get past 70PSI. Not sure how it is done though. Hopefully some else will chime in.