It's one of the most flexibile processors on the market. 4-way active xover (plus "center" channel), 160+ bands of equalization, 30db/oct slopes, surround sound decoding and processing, etc etc.
Retail is around $850 for it. The H700 he has is technically an older model. Though the only difference between the H700 and the newer H701 is that the H700 came with the control unit, which has a green lit display where as for the H701 the control unit, the RUX-C701, must be purchased separately and the display is blue lit on it. Features and functions are all the same, I do believe. But some of the Alpine HU's can directly control the processor unit, so the control unit wouldn't be needed.....so instead of selling them together, Alpine started selling them separate.