V700's sound isn't that bad from a cosumer point of view... the sound is pretty warm, it's not really that resolved or defined. Overall the sound has okay balance, somewhat bloated in the bass region. Its chief advantage for DJ use is the ability to flip the earcup over.
However, for its usual market price ($120~$150), its overall sound quality lacks detail to be a good audiophile headphone even at that price. For example, the Audio Technica A500 is a much better headphone, better soundstage, sound imaging and detail than the V700 with the same range of reproduction.
Worst of all, the hinge that allows it to rotate is all plastic, after a year or so of heavy usage you can expect the hinge to completely crack and fall apart. My co-worker's V700 has duct tape on both side holding them together now.