That would fall into life's NOT GOOD category!
When I purchased my 700p last month, the salesman told me he had a customer who decided not to purchase the unlimited data package and ended up with a $4000 bill! I talked to a customer service rep later on and she confirmed that Verizon did have a customer that ran up just such a bill.
When it comes to the 700p, my guess is that the unlimited data package is required.