Is the 700 MHz graphite a DV model? I have a 400 MHz graphite "SE DV" and it runs circles around my 700 MHz all white iMac.
There must be something wrong with your 700 MHz iMac. "DV" was just a designation Apple used when they introduced the slot-loaders to indicate that the iMac had FireWire. Later on they dropped the designation but kept FireWire.
If I recall, the original slot-loading lineup was like this:
iMac (350 MHz, no FireWire)
iMac DV (400 MHz)
iMac DV SE (400 MHz Graphite)
According to Wikipedia, "(the) 700MHz model (was) discontinued in January 2002", and according to Low End Mac the 700 MHz model didn't come out until August 2001, which would make it one of the shortest-lived Macintosh models if these are both true.