it is believed that all the core of a production line are tested and then rated to a very strict set of conditions. Now a certain line of cpu's tends to have a maximum frequency, which currently is about 1Ghz for p3. Now all the core are made down one line and the best are rated 1ghz and the rest at lower speeds. (PM can describe this in much greater detail)
a 700Mhz cpu appears to have more head room above it than a 800Mhz cpu (if the maximun is 1Ghz) thus appears to be a better overclocker. eg if they both hit 900Mhz the 700Mhz has increased its speed by 200Mhz but the 800Mhz cpu by only 100Mhz.
Besides hvanig more headroom, the 700E overclocked to 1ghz range, versus an 800E in the 1ghz range, the 700E will have a higher bus speed, and will likely be faster.
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