The phono input circuitry is basically the same across the range from 300/301/500/501/700/701.
A-S701 phono stage:
View attachment 376028
The big issue of course is the overload characteristics due to the 5V supply rails and the following AVR chipset input limitation issues. The 701 phono overload is rated at 45mV (or more), which is absolutely atrocious. I tested the 300/301 -same circuitry but with much higher rails for the phono stage:
A-S300/301 phono stage (note the higher supply rails on the same circut):
View attachment 376030
It overloaded a 74mV@1kHz, which was dead last in a test of a dozen phono stages. To put in perspective, that is about half what even a cheap 1970s integrated would offer.
That said, the phono stage was very quiet (low noise) and sounded OK.
The entire range is built around 1990s Yamaha TopArt amplifiers (which is good), they've strapped on a cheapish D/A, used AVR chips for all the switching/routing and electronic volume (the volume pot is an input device to an A/D in the chipset) and run the entire thing from a custom uP.
They are great value and work well, but they aren't SOTA. You really have to step up further along Yamaha's range to get something special.