The HD700 must be really, really hated. Out of all the headphones I've had, they've been the hardest to resell. I love my HD800, but it's really interesting to see how much the HD700 has been maligned when it isn't that much of a step down. I used a DHC copper headphone cable and it felt like much of the treble and bass issues went away.
I would argue that it is the LCD2 to the HD800's LCD3, but I do think it's less of an evolution and more of a different tune. Many of my friends found the HD700 to be the better sounding can from the WA7.
For the going rate of around $650-$700, I would consider it unbeatable. Sure, the HE-500 may be technically better, but the comfort of the HD700 makes it more fun for longer listening sessions.