Let me preface by saying i'm quite sensitive, and these distinct differences amongst the Austrian made K701 and austrian-made Q701, with the mass drop k7XX, will be missed by most. Most will just see the k7XX as having heavier/more bass, and everything else the same, more or less.
K701 still wins as a reference phone/engineering tool, IMHO. it noticeably has the most air. Biggest soundstage (although the aggressive panning and slightly smaller center channel presence on the k7XX fooled me for like 10 seconds). k701 also has the most midrange accuracy and detail, and the most natural curve of the 3. Also, surprisingly, the K701 has the most prominent "bass guitar" presence, despite losing to the K7XX for sub bass below say, 60hz (which is quite a lot of the sub bass in southern rap (although not east coast), and many electronic genres. K701 is the easiest tool out there, for true detail freaks or pro audio guys, to hear across all ranges of the audible range, with speed, detail, accuracy, and very little coloration, shy of $1000.00 pricetag.
K7xx is by far the most "sennheiser like" of all 3 in terms of frequency response. Less of the trademark, "exposing" AKG AIR. Slightly less detail on common instrument frequencies in upper mids and lower highs than the K701, like above 3k. A certain "dim, dark" absence of some >9k high frequency, is definitely featured here and in say, the sennheiser HD650. Soundstage is still great, like all AKG open backs. It is a great listening headphone, as it is very smooth and very bass heavy for an AKG. But strictly as an engineering tool, it is not as truly great as the K701 or Q701. K7XX's frequency range hides tape "hiss" from old recordings, as well as taking some sting and shrillness away from the cymbal/hi-hat/percussive range. Again, this is truly great for listening pleasure on less than perfect recordings, or for someone who wants AKG soundstage, and AKG mids, without the typical piercing, AIRY AKG highs.
I look at the graphs of all 3 compared on headphone.com, and i'm convinced that they do not accurately represent the character of these . By that graph, the Q701 has the most bass by far, and that is not real life. The Q701 is actually the most "quiet" volume wise, overall, of all three (perhaps a slightly different impedance than advertised?), with the least present bass compared to the sharp piercing highs on it. Keep in mind i am referring to the austrian-made Q-701. I don't hear a supposed bass monster in the Q-701, compared to the K77X. Q-701 is much more bright and less bass dominated.
Quite noticable differences for 3 headphones often referred to as "the same"