Yes... You are correct... 700mb = .7gb
Coming from the PC world and still needing my PC's (laptop and desktop) for most of my real estate work, I send and receive upwards of 5-10gigs of data a month so I'll probably always be rooted to a DSL or Cable Modem but if the competition ever get's hot enough between Verizon, AT&T and any other major competitors, I'm hoping they end up offering unlimited free hotspot data for the iPhone.
IMO it would be the ultimate situation for me and a lof of other people but I undstand that a lot of data hogs that hoard and do huge file downloads such as music, porn, videos, YouTube, etc. will abuse an unlimited plan so the chance of future unlimited data via wireless plans might be a pipe dream.
It's interesting to see how data plans are evolving anyway. I had an air card with Alltel that was unlimited and now I wish I'd had the presence of mind to keep that plan going. I understand they're still honoring those old contracts and plans. Hindsight truly is 20/20...
Bob