As I understand it, there are 2 main differences between the K701 and K702 in terms of cables:
1.
K702 has a 3-pin mini-XLR connection for a detachable cable (single-entry), while the K701 does not. This means that you can replace the stock cable easily with another cable that has a 3-pin mini-XLR connection, assuming it's unbalanced. The K701's cable is not detachable, so doing a unbalanced recable requires opening them up.
2.
K701's cable has 4 wires in it, so you can easily reterminate the TRS connector to balanced XLR. Additionally, the stock cable is conveniently connected to L+, L-, R+, R-, meaning you don't actually need to open them up to recable them to balanced (This is what I hear from these forums, I don't actually own a pair of K701s).
However, the K702 not only has the 3-pin mini-XLR connector, but it also connects L- and R- internally (it's soldered together). This means if you wanted to recable them to balanced, you would have to remove the 3-pin connector, as well as open them up to desolder the common ground (L-, R-). Thus, the K702 cannot be balanced by simply cutting off the TRS and replacing with XLR connectors. (I actually opened them up and confirmed this)
I hope this clears it up for you. I'm thinking about trading my K702s for K701s for reason #2, because balancing the K702s is much harder. Are you thinking about balancing yours too? Or are you looking for a upgraded detachable cable (such as the one from ALO)?