While it's also capable of high frame rates and RAW, the FS700 can't do internal 10-bit 4K as the FS7 can, so there is a clear differentiation between the two products. But the FS700 has a few tricks up its sleeve. With the Odyssey 7Q from Convergent Design, you can not only record 4K RAW out of the FS700, but with a new update coming soon, you'll be able to get 4K ProRes. That is in addition to 4K to HD ProRes and 2K RAW already available with the recorder and FS700 license.
There is a huge increase in quality for this camera once a recorder like the 7Q is added, as you can see in these videos (the first we shared previously in a guest post):
You can also get a free Metabones to Canon EF adapter (non Speed Booster) if you buy a new FS700 and go through the Sony rebate process (though this is the older Mark II version).
Source: Sony FS700 — B&H