Agreed. I don't think anyone ever claimed it could compete with the HD800, flagship models from other manufacturers, etc. I had a chance to compare the HD700 and HD800 at a Sennheiser concept store here before purchasing, and while head to head I could definitely agree the 800s are superior, I couldn't agree it was at a price/performance ratio that made sense to me (eg almost 3 times the deal price I paid for the 700)
If you're a serious endgame enthusiast, this isn't for you. Anyone else who wants great performance for a decent price (considering how often there's offers on this), the 700s ain't bad at all.