I'm no expert, but I've always thought the difference between the 707 and the 7070 was the date it was made; the 707 would be an older bow.  As evidence, I own two 35# Colts, a 707 and a 7070.  On the 707, the riser wood seems to have nicer grain, and the logo on the limb has a picture of a colt.  The 7070 logo is only the arrow through the Ben Pearson lettering.  Either way, both bows shoot beautifully.  I've noticed this same trend with the Hunter as well, models 709 and 7090; I'll do some more research.

Guess I'm a bit of a Pearson recurve nut, because I just bought a 55# Colt (7070) as well.  Got it last week, did a basic set up that night, and sent about 2 dozen arrows accross the shelf.  Smooth draw out to my 31" draw length, quiet shot with no hand shock, and a FAST shooter.  Love the old Pearsons!

You will love that Colt. I have one, an old beater full of holes, etc. but it's a great shooting bow.

As someone said above, they are sleepers, and I don't think it will be long before the secret is out.

You did good for $10.00.

One of my first traditional bows was a 50# Colt.  It was pretty rough looking so I cleaned it up and sprayed it with some camo paint.  I've owned alot of bows since then and this is one that I really regret getting rid of.  It was a super smooth shooter for sure!

My father bought a Person Colt 707 62" sometime late 60's or early seventy's and it became the first bow to break me into Archery in the late 70's...I still have that bow and it always draws my attention to it at times and I think I need to put a rope on it and take her out for a ride...Besides she's been lyeing around the stable way to long...  

I bought one about 5 yrs ago for my Girlfriend taking a chance.. She loved it and so do I what a great preforming bow for its age and weight. it's 40# Someone recently asked me to sell it but I declined.  I think I'll keep her for a while.  You did Damn Fine at $10