Hi Chris,
I had the same issue this weekend. After setting to AP mode I couldn't access the WL700. Even with the Asus tool not.
So, I have pressed the reset button..... After booting it seems, that only the network configuration has been set to default. The HD content, my network share configuration and all configured users were not deleted. Due to I use this WL700 only as a NAS everything works as before I have pressed the reset button.
Uwe