Purely personal;preference. Some people prefer a sound that's got more emphasis on the highs (Q701) but others don't like it and consider it "harsh" - But this also comes down to the amp / DAC you power them with.
My NAD is typical NAD sounding, warm and smooth and balances out any harshness in a headphone, so the Q701 worked really well, more so once bass port mod was done.
The K7XX has a more refined soundstage and detail. Some say it's because of the Annie pads they use, but I had those pads on the Q701 and didn't like the soundstage (restricted it more), whereas on the K7XX it's perfect. The foam inserts are different grade too, the air pockets seem finer and the texture is a little different - So I bet this has some affect on it too.
Massdrop said there is a driver upgrade from the first edition to limited edition K7XX/ I bought mine as the first edition, even though they are branded limited edition. So I don't know exactly what is what.
If the cost difference to upgrade is small, or within budget, then sure, you gain better detail, refined soundstage, way better comfort in the headband, and better earpads that cost quite a bit on their own as it is.