Judging from the GRE practice questions provided by ETS, I have not seen any 700+ level words. That said, the sections are adaptive so we could very likely be seeing the easier sections, or at least not the hardest of the hard. Waiting for the top test takers August 1st could very well be words like hagiographic, autochthonous, and the like.
In terms of reading, my general impression is the test has become easier. Compared to the reading passages from ETS, some of the passages in the new book are no more than encyclopedia entries. These passages of course are for the low-level test takers. The key is not to become complacent and miss an easy question because you weren’t reading carefully. That is not to say every passage is straightforward. There are still those passages that are academic—including one from the old book. And the really dense, abstruse passages—you know, the ones discussing possible application of mycorrhizal fungus—could very well be waiting on the actual test.
On a final note, while the actual material may not be as daunting in years past, each test takers is still competing against everyone in the graduate pool. A score of 170—the highest—will still be very difficult to attain.