I would say they meant at the crank. i think they would've put 700hp on the hood if it was to the wheels. Giving that todays' market would say "put it on a Dyno and see what it puts out"

That's what i would have done if i made a car with 700hp to the wheels. I'd be like screw the block size, check out the HP i make at the rear wheels. If they are making 700 to the wheels and putting the smaller number on the hood then more power to em for going with the heritage factor. either way it's a bad *ss car