I've never been to the Oval Room so I can't make a direct comparison. The food at 701 is good; we did not try any of the caviar selections but I found the juniper tuna quite all right. The atmosphere is a little bit like— what's the best way to describe it— a piano lounge from a 70s movie. It is not as stuffy as, say, the nearby Capital Grille... which makes it feel old but not distinguished. The service is mixed on weekends. If course, the last couple impressions may only strike those of us under 30, YMMV.