I think they can be made to match in a 2 camera shoot. There are subtle differences between the two, but with two cameras doing two different angles there will be small differences in the image each produces anyway. They are close enough that for most applications I doubt anyone would realise they are different cameras.
The 700 seems to have the edge with greens and foliage, the 350 looks a little less distinct in these areas. I need to try them again but recording the 350 onto a NanoFlash to see if this is just the difference between 4:2:2 and 4:2:0 or whether it is something else. I’ve noticed that the EX1 and EX3 have a hard time with green foliage and very fine green detail, even recorded at 4:2:2 (being super critical here, the EX1 and EX3 pictures still impress me). When I used the early demo version of the 350 to shoot the review video I was really surprised by how well it dealt with overexposure (with the Hypergammas at least). I couldn’t put my finger on it at the time as I think the latitude is very similar but it looks to me like the 350 holds detail better in overexposure than the 700.
Alister Chapman
http://www.xdcam-user.com