The 700 _can_ be used for some of these comparator purposes, and it's great in a pinch for things like this, but it is a bit of overkill for a very simple electronic function, if you're going to use it a lot. And personally, I find gate delays _very_ useful.
This is not in any way a negative endorsement of the 700---I think every system should have several of them! But I hate to tie mine up long-term doing things that an 8-pin chip from Radio Shaft can do. (Yes, I know it's not quite that simple.)
Considering how simple comparator circuits are... and how useful... it might be nice to have a module or two with simple workhorse/utility functions like this (and logic / electronic gate functions) to add some of the "analog computer" features to the modular which might lead to some wild gating effects.
For those who wonder, "Why on earth would I want my modular to act like an analog computer?" I re-submit this link that went around the list last year: http://www.nearfield.com/~dan/music/chaos/Chaosrel.htm
Mr. T