I love my Milwaukees. 1/2" impact, hammer drill, standard drill and Sawzall. I also like the fact that you can just buy the tools and not have to have different batteries for each one. I have brought the impact on every Run I've been on, and its been used countless times.
And yes the Milwaukee Impact is 700 ft. lbs.
I have to say, at HITH, Cullen and I had to install stock rims and tires that we bought from Todd Dessain and even with a large breaker bar and Cullen and I both standing on it with a cheater we couldn't break the lug nuts loose from where I had the twenties rotated. Big Blue offered to let us use his cordless impact and it spun those lugs off like butter. GREAT impact indeed!