Ok, so after more testing here is what I am noticing:
Both set to "movie" without any other adjustments, I do notice that the 727HD has more accurate color than the 700HD. However, the 700HD has significantly more contrast and pop to the image than the 727HD. The 727HD just looks too dull on my screen. I'm guessing then that the size/distance of my screen might be better suited for the 700HD.
I know that the 700HD doesn't have a RGBRGB color wheel, but do you think with calibration I could improve the accuracy of the colors somewhat since I really like the contrast/brightness of the 700HD better than the 727?