During the demo, Bose engineer Ken Jacob called another Bose representative who was sitting inside a noisy coffee shop across the street.
At first, the call was patched through the original Bose QC 35s, and while I could hear and understand what was being said during the call, there was a ton of ambient noise from the coffee shop's background music and conversations from patrons.
When the Bose representative in the coffee shop switched the connection to the Bose 700, suddenly the coffee shop's music and ambient noise went silent. Some ambient noise would come through the call when the representative talked, but the call was much clearer and the ambient noise was a lot less distracting.
Essentially, what Bose is doing here is sharing its noise cancellation technology with whoever you're speaking to during a phone call. The only thing a Bose 700 owner would need to worry about is if the person they're talking to is in a noisy place and doesn't have the same pair of headphones.
Cutting out the ambient noise around you will also make it easier for your smart assistant, like Google Assistant, Apple's Siri, or Amazon's Alexa, to better understand you if you're in a noisy environment.