2 Things:
1) it's Mhz, not mhz. Remember that in SI-system, m equals to 0.001 and M to 1*10^6. so please be cautious when using these...
2) I still don't understand how ppl mixes up "efective" clockrate and real clock rate. if we are talking about DDR clocks, it still doesn't have double amount of high and low values in clock signal, but just data path uses both edges of clock signal for transfer timings, right?
for very obious reasons I usually use following syntax. For Example Radeon 8500 Retail Memory is clocked at "275Mhz DDR" or "DDR550". And when "DDR" isn't used in the context at all, I just read it as real clock rate, so in alexsok comment: "...but 700mhz memory? no way, too low." means to me at the first sight as same as "700Mhz DDR" or "DDR1400" which is a way too much for my acknowledge... (usually takes few 10 of seconds to notice that here's definately something wrong.)
and besides... don't jump on the gun on every picture and chapter that has NV30. eventhough NV30 and Radeon 9700 are most used names on the 3D HW community right now, I bet that there is a lot of BS flying. (as usual when talking about things that are based on rumours.)