A Y-111 or Y-700 test will only refine any matches you have at the 67 marker level, e.g. if you have say 6 matches at Y-67 you may discover that some of them are at a closer genetic distance than can be ascertained by the Y-67 test. What neither test will do is find any more matches than you have already.
As I understand it, the Y-700 test is really only necessary if you are part of a one-name project and have been asked to take it by the project manager, or they have indicated that it could be useful to you or the project to help refine lineage. If you are a member of a project, you may find that the cost of those tests can be further discounted over the FTDNA sale prices, or if you are requested to take one of them by the project administrator, there might be project funds available to help cover the costs.
I have taken the Y-111 test with FTDNA, because I got it at a good discount and thought "why not"?
I have 807 matches currently at the 12 marker level. Of those, only one matches me at 67 markers, and I have no matches at 111 markers. My 67 marker match is a 2C1R. So from that point of view, the Y111 test has given me nothing more than the Y-67 test would have achieved.
My haplogroup is RM-269 and I am told by my project manager that as I have a specific value at one marker in my test, there is a 95 percent chance that my haplogroup can be refined to R-U106. To establish that for certain with FTDNA, I would have to take (purchase) further tests. But establishing that sub-clade would currently not get me any further forward with my own research, nor at the present time does it appear that it would benefit the project. I could just file it in my "well, that's interesting" box!
But as it happens, I took an autosomal test with LivingDNA some time ago, which included an option to establish my Y-DNA and mtDNA haplogroups, although without providing me with any marker breakdown or ability to discover genetic matches. But that test confirmed that I am R-U106, so I see little point in taking that any further with FTDNA anyway.