Whoever you were talking to is talking out of his rear-end. The 700 series is certainly not the "low end" of the B&W range, in fact, they are near the "high end" with only the 800 series being "better".
Under the 700 series, there is the CM series, then the 600 series, and then a few other ranges geared more for the home theater flatscreen crowd, and then there is always the M-1, which is truly an "entry-level" speaker in terms of price, but which offer performance that blows away most speakers in its price class, making it a "value" speaker as well.
So yes, you could do a lot "worse" with B&W than the 700 series.
Having said that, the 700 series is being discontinued, with the new CM models (CM9, CM5, etc.) leading the transition of the CM series to the position of the penultimate B&W line.
Still, since you have already purchased your speakers, that shouldn't matter much to you. The 703 is a great speaker, and most importantly, if YOU like it, then it doesn't matter whatsoever where it sits among the B&W lines or what anyone else says about them.
Under the 700 series, there is the CM series, then the 600 series, and then a few other ranges geared more for the home theater flatscreen crowd, and then there is always the M-1, which is truly an "entry-level" speaker in terms of price, but which offer performance that blows away most speakers in its price class, making it a "value" speaker as well.
So yes, you could do a lot "worse" with B&W than the 700 series.
Having said that, the 700 series is being discontinued, with the new CM models (CM9, CM5, etc.) leading the transition of the CM series to the position of the penultimate B&W line.
Still, since you have already purchased your speakers, that shouldn't matter much to you. The 703 is a great speaker, and most importantly, if YOU like it, then it doesn't matter whatsoever where it sits among the B&W lines or what anyone else says about them.