I gigged with a GK1001RB (not a II) for years up until a year ago. The 700RB is 380 watts vs the 1001RB's 535 watts. They are identical other than the power. http://www.gallien-krueger.com/manuals/700rb.pdf
That's the right manual. If you like the way a GK sounds, you'll love the amp. I'd say $350 is high. Heck, it might be high for a 1001RB (not the II). But it's still a great amp, again, if you like GK. I inherited the 1001RB and it got the job done and done well. I prefer Ampeg.
I liked the biamp feature and rewired all my cabinets to use it. I never ran out of volume, or headroom. I found the amp to be rather "polite" and controlled, but I never did pull that GK "growl" out of it. When I set it up to get that "growl" I lost punch that I preferred over the growl. I wasn't satisfied with the low end "character" so I relied on a Sansamp for low end control. The other EQ points were great. The presence was excellent. I even found the contour useful for tuning in a room.
I'm very familiar with the schematic for the 1001RB. The preamps are identical. The power amp may be too, just with different voltages on the rails...lower on the 700. Pushing the amp until one "hits the rails" or drives the amplifier into what other amps would be clipping horribly, derives a tone that many GK users rely on. It is a design feature that has a sonic effect many love. A big part of the "GK" sound. Unfortunately, even loud volume outdoor gigs into a pair of 600 watt 4X10's got me nothing but clean, solid tone. I never quite got to the "hitting the rails" point.
The 700RBII increased the main power amp 100 watts to 480 watts, virtually identical to the original 1001RB. (which was 535 watts.) I do believe the power amps were redesigned for the II series. For instance, the original 1001RB lists the power as 535 watts into 8 or 4 ohms. (Don't know how this is done) The original 700 says 225 watts at 8 and 350 at 4.