The 700 doesn't create a bookmark in the same fashion as the "turned corner" bookmark when you turn the power off. It simply remembers the page you are on when you turn it off so it starts up back there.
The created bookmarks work just like the do on the 500 and 505 -- the mechanism to create them is different (double-tap in the corner as opposed to pushing the Bookmark button) but they work just the same.
But there doesn't seem to be a "delete all bookmarks" function because the bookmarks are an aspect of the notes that can be taken, so the only way I can see to delete bookmarks is to go to the page they're on and turn off the bookmark for that page.
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