The modded T50RP sounds much better than the K701 in every single area.
That being said, I know how you feel. I was doubtful about the T50RP's as well until I heard the Thunderpants. In the world of high fidelity I have come to learn that price is not indicative of quality nor performance. Stock the T50RP is a meh/nice headphone but modding them takes them to an entirely different level, a level perhaps on par if not above all high end headphones.
Edited by wiinippongamer - 2/22/13 at 6:22pm