701/702
James
Unfortunately I do not know when the 701 was replaced by the 702, nor more than superficial differences. The 701 would have had a braided hose (white/turquoise) as on other models where, as can be seen from the Argos scan above, it is now similar to that used on the on the 555.
Curiously, the more upmarket version of the 555, the 666, appears to have a hose similar to the Hoover stretch hose which you would have thought the TOL 702 would have had, and a flip-over tool that looks (I am not saying it is identical) very similar to the Electrolux flip over version.
It strikes me that the 702 may have also have lost the polishing tool which as Benny noted, could have contributed to the reduction in cost.
That polishing tool is a curiosity to me. Whilst I was aware of the Lux version and indeed they do pop up on ebay, I have never seen any reference to any such tool in ANY Goblin cleaner that I can recall. I do wonder if it was something rather like a soft mop head attached to a floor nozzle instead of bristles which I have seen on some European cleaners and also the Australian Connie but this is just speculation.
Al