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IMO, the 701 is superior in most ways to the AD700 if both are unamped, but the 701 suffers with high energy music (rock/metal/etc).
Once you're amping both properly, the 701 destroys the AD700 (to my ears). They do similar things, but the 701 does all of those things better. Well, with the exception of comfort (the bowls around your ears are wonderful. The large leather bumps compressing your scalp are not).