Rare Bird, I've had the VHP-1 for a few years and based on my research, particularly the comments here on Head-Fi by greggf (thanks, greggf!!), I upgraded to the VHP-2. My impressions are similar to other Head-Fiers, i.e., more revealing than the VHP-1 and neutral to very slightly warm (BTW, the VHP-1 is no slouch - I once compared the VHP-1 to the Gilmore Lite and thought it was a draw, but I kept the VHP-1 - YMMV). I also considered other amps before upgrading to the VHP-2, but greggf compared those same amps and preferred the VHP-2. I liked the way greggf framed the comparisons and figured why should I spend more money. I have not excluded the Music Fidelity V8 and, per usual, Sam of Stereophile loved it, but I just concluded that the VHP-2 with a VAC-1 was a better fit and better buy for me. They drive both the Sennheiser 600's and 650's very well and should provide some solid bass foundation for your 701's. Sorry for the long message, but I hope that helps.
Adam