Personally, I feel the performance differences between 68k macs are lost in the rounding error of 25 years of computing advances.
However, from a technical perspective, the 650 is going to have significantly better memory bandwidth, particularly with interleaving. The maximum RAM is much higher, and RAM for it is significantly cheaper. Add to it the fact that you can put the modified ROM in a 650/800 and get 520MB of maximum RAM, letting you have both a larger RAM disk than HDDs of the era with more RAM left over for application use than a q700 or stock 650/800, and I think I've found my favorite quadra.
There are of course other aspects to consider, such as form factor. I'm a fan of the 700's case, particularly over the cases of the 650 or 800. The onboard video of the 700 is capable of 24bit video where the 650/800 is only 16bit. The 650's SONIC ethernet controller is a bus master on the system bus, resulting in much lower CPU load for similar throughput. But for many practical uses, it's kind of hard to beat a several hundred megabyte RAM disk that is preserved across warm restarts, with hundreds of megs of RAM left over.