If we look at your example... You leave the bottom with around 700 and get on the boat with 300, so it took 400 lbs (give or take) to get you up. What if your buddy who is on your octopus is also requiring 400 (or maybe even more) to make the ascent? Now 700 psi remaining for TWO divers to ascend is NOT extremely "conservative". It might be adequate, especially if you move things along and skip a safety stop.
You missed a some nuances in my post. First, I have said that I have gone up with less than 700 PSI. I also said that after I have gotten into the boat with 300 PSI, it was after a swim and fully inflating my BCD. I don't think I use more than 100 PSI to get up and get through my safety stop. I will check my online dive logs, though. Personally, I don't understand using more air on the way up, unless it is in full panic mode.
EDIT: Checked my dive logs. I was good on my last dives in Coz, signaling at 700 and going up to my safety stop after inflating my safety sausage (at around 50'). From there, I was at about 610 PSI for the start of my 5 minute (the dive company required five minutes) safety stop and got on the boat with about with a little under 500 PSI. From the start of the safety stop to getting on the boat was about seven minutes.