The Gibson smartwoods are fairly easy to spot: the truss rod cover has Smartwood engraved on it.
Gibson stopped making the Les Paul standard smartwoods in 2003 but introduced the LP Studio smartwood in 2004, which is again easy to spot because it has a green leaf on the truss rod cover. If the model is a LP studio smartwood, the cost really should be around 600$US for a used one in my opinion.
Both the discontinued model and the studio model are peculiar because while the bodies are mahogany, the tops are not maple as a "correct" Les Paul should, instead being made of exotic hardwoods. Also, the LP standard smartwood didn't have binding around the body, so they looked more like studio LPs than standards. The finishes are a very thin, matte UV-cured nitrocellulose finish.
I personnally own a 2004 Les Paul studio smartwood, and love it to death - fantastic bang for the buck, with a highly-figured exotic top and the sound is ALL Les Paul.
700$ would be a great price for a smartwood standard!
p.s. Gibson also made the Les Paul Raw Power, which had a natural-finish maple cap...