The QY-700 is simply the most powerful sequencer ever made!
Anyone who creates electronic music & uses it will reach that same inevitable conclusion.
32 tracks of MIDI running alongside fully programmable 16 track accompaniment patterns, preset & user groove templates, event editing, dual MIDI ins & outs, syncs to MIDI Clock & MIDI Timecode, 32 track multi-timbral HQ sound generator, large backlit LCD display screen, user programmable shortcuts (for your most used edits) non-volatile memory, legendary Yamaha stability/reliability & the whole thing is just simplicity to use - you can probably guess ...I like it a lot!
Why struggle with software when hardware can be this good?
If you're one of those electronic musicians who just likes to get the job done & doesn't want to spend hours trying to figure out why your software won't even see your soundcard (for example) then this baby is for you.
With the Yamaha QY-700 'everything MIDI' is possible ...& nothing is difficult.
Patterns can be easily created, then assigned to the pads allowing use as intros, variations, fills, endings etc, or you can use 'linear sequencing' where you would record your performances track-by-track into the sequencer, if you prefer.
The same full set of recording & editing functions are available whichever way you choose to work & these include applying preset or user 'Groove Templates' whos' strength of effect can be applied by varying degree.
There's also a recordable (& editable) 'Tempo-Track' for inputting tempo variations, ritardendos etc, for expression or just to simulate the feel of a 'human drummer' ...should (for any reason) you would want that.
There has never been a direct replacement for the QY-700 from Yamaha, which is a shame really.
One possible replacement might add more polyphony, onboard sampling, drum pads, an arpeggiator & more memory, but we must bear in mind that MIDI (as opposed to USB) still makes most of these things possible, albeit with additional hardware.
It's still a great machine ...the heart at the centre of many a traditional electronic music studio, because Yamaha hardware just goes on & on & on.
The Yamaha QY-700 is an awesome machine - that's why Sound-On-Sound magazine have called it;
"The king of hardware sequencers."
Update 06/11/19: Felt it worth mentioning again, that there are still a considerable amount of people who prefer to use hardware, & (while I can only speak for myself) I believe that many share a common dream - about a self-contained, midi & audio sequencing workstation.
Imagine the technology of a Yamaha QY-700, but 128 note polyphony, a built in (say 8-track) linear audio recorder, velocity sensitive drum pads, but with the original pattern section of the QY-700 replaced with the complete arranger functions of one of their high quality keyboards (like the PSR SX-900) - complete with hard-wired intros, sections, break & ending buttons & Revo drums!
There would be nothing you couldn't do with such a hardware device, as it would be completely open-ended, as far as it's creative possibilities go - using a marriage of already existing Yamaha technologies.
It could even be possible for Yamaha to provide upgrades to polyphony, audio track count, inputs & even additional midi in/out expansion - just plug in a keyboard & away you go!
Who could possibly ever grow out of such a system??? Even if you wore it out from constant use, you'd still be happy to buy a new replacement, as Yamaha equipment has always represented great value & reliability. You could just plug in all your hardware upgrades & away you'd go once again.
I do get that software is cheaper & easier for manufacturers to produce, but it's riddled with seemingly insurmountable problems of instability, unreliability - not to mention (in my own experience) the infinite capacity to trash hours of good hard work, or to simply go on strike.
That's why I will never use software for music - musical instruments exist for a reason . . . . & they make you feel like playing music - no office machine has ever done that for me!