User blog comment:G0LD3NF1RE/E3 Elder Scrolls Online Roundup/@comment-207.161.145.236-20130727182601/@comment-3124449-20130731051811

Also, the stats say 700 because the displayed Damage stat takes into account your level with the weapon type and any perks, enchantments, or other magical effects that affect the damage dealt with the weapon.