yep, it's just a built in DI box. Make sure you check out a block diagram (should be in the manual, which is probably available online as a pdf) to see where the DI is in the signal path. Especially if there is a pre/post button.
EDIT** goggled it for you, scroll down to page 12.
http://www.gallien-krueger.com/manua...I_700RB-II.pdf
note that in "pre" mode the -10db pad is in the signal path as well as the DI level knob and ground lift. "Post" mode adds the EQ, fx loop, boost, and the woofer-high out switch.