Well, the actual performance of the E7 (as an amp only) and E5 is not the same. The E7 is better in some ways and about the same in others, but it's not a huge difference. Since the amp performance of the E7 is better than the E5, it would be slightly better for using with the Cowon S9. If you're looking for a portable amp, there are other options though, even if you live in the UK. The E7 also has more bass boost options and is larger, as you could probably figure out without me telling you.
If there is significant noise coming into an amp, there will be significant noise coming out of the amp as well. So apparently your PC's integrated audio is so bad that you have audible noise even on relatively insensitive headphones like the K701? This doesn't inspire confidence about the integrated audio's DAC or amp. Do you notice differences in sound quality between the PC and the Cowon S9, which I assume would be better? People talk about sources being noisy when they hear noise on some IEMs that are like 110 dB / mW sensitivity at 16 ohms, which is way louder than the K701. To hear noise with fullsize cans like that is pretty extreme unless you live in an anechoic chamber.
edit: if you're looking for huge sound quality improvements and you don't currently notice big differences between the PC and Cowon S9 aside from the noise, there is likely not huge improvements for you to find with any amp, at your current listening levels. Don't expect miracles. Well, maybe there's nothing wrong with your PC sound output other than the noise, but I wouldn't count on it.
Anyway, as I think you picked up, you could use an external DAC for your computer that would provide an audio output with less noise, to the point of it being inaudible. An E7 is such a device. An E5 and other amps are not.
Disclaimer: many forumers and audiophiles will probably disagree about the E7 for a K701. But if the volume of a portable player is enough, the E7 will be enough too. As for driving it "well," it should also be enough, despite discussions on "singing" or "synergy" or "authority" or "power" (as opposed to
actual power required, which we've gone through). After all, head-fi has a subforum mostly dedicated to placebo effects. No offense, just my opinion, based on the actual evidence. Like I said, other devices can do the job more accurately, but they tend to be more expensive. Others will do worse, even some that are more expensive.