I like the 702's. It is my best headphone so far (225i's, 770/600, HD 595, MDR-V6).
But I'm not going to rave that it is better than cans 2 or 3 times it's price, because I haven't heard them! In fact, I bet it isn't (or at least it shouldn't be).
But this is not just a matter with the 702's, many cans are raved about as being giant killers from those costing $40 (Superlux HD-668 B for one) to around $500 (remembering that $500 is "cheap" compared to cans costing over a grand). And some of those in this price range are ToTL of some makers.
So though you are right about the 701/02 being advertised as ToTL, however when it first came out I think it was $450 to $500 retail (I think some are still listed for this at some sellers!) and I saw people around this forum getting them at "bargain" prices of $300 something. That's not much of a difference from the Senn 600 and 650 that were ToTL until the 800's just came out or the Beyer 880 or 990 until the T1 came out. So there wasn't much of a price difference for awhile, and now, with prices falling on the Senns and Beyers to a more sane level (like the price of the 701/02) there isn't as much again. The 600/650 and 880/990 are not ToTL anymore, but then they still considered to be so by those makers in that price range.
I don't think the hype over the 701/02's is all because of a bunch of newbie audiophiles going cheap iow. I haven't heard the 880 or 990 but if the highs aren't much different from the 770 then I don't think they will trump my 702's. And I have heard the Senn 600 and 650 (friend has them) and I personally wouldn't pay more than $100 for them to listen to any genre. My first didn't-know-better headphone was the 595 in fact; it has sat in my closet since I got the 225i's...even they were better in about every aspect but comfort. The 595's are over hyped in the non-audiophile world at least and I think the 600 and 650 are in the audiophile world and I suspect the 880 and 990's too (I'd like to try one or both of them to know for sure though).