I have both.
I did a full kitchen cabinet build last year, using the domino method that Sedge shows in videos, and at that time i did NOT have the 500.
I used the Seneca adapter with the 700 to get 5mm and 6mm domino mortises.
Lets just say, the 700 does the job, but after a few panels, and having to switch between holding vertical, horizontal over and over, MAN the 700 gets heavy. I'm not old and not small either.
I bought the 500 a couple months later, and I wish I had it for the cabinet build, my elbow would have thanked me. As mentioned earlier in this thread, i use the 500 way more now that I have it, but when you need the 700 ya need the 700 (tables, beds, etc).