I also found that using EQ to "shelf" cut the higher frequencies exposed the (excellent quality) bass and brought the Q701 back into balance. It no longer sounds thin or lacks punch. I also had to slightly reduce the 2 khz peak by about 2 dB and boost 12-16 khz a few dB to add some sparkle up top for my aging ears.
I have never had an audio product that didn't need some kind of EQ to get the sound I like, though. Trying every headphone in existence just so I don't have to EQ would be a ridiculous luxury I wouldn't mind having
I'd be interested in iTunes-equiv EQ settings, just so I can hear what you found to be cool.