A 10-day park-hopper ticket by itself is over $700. (And that's the lowest - in peak times it can be up to $900)
I'm not sure why they would price the Annual Pass under $700.
EDIT: I'm saying this, not because I know it will be priced at $699, I just don't understand why it wouldn't be much higher. Like $1299-$1599. And they're not out yet.