I've had 2 featured New Releases. These are good but not nearly as good as the actual Featured Releases. Mine were each $260 in horror and didn't send me to the moon. One thing to keep in mind is that you can make your book full price, and that seems to be the way to go. For my first FNR I made that book 0.99 and sold about 200 copies. That's a whopping $70 for a $260 ad. There was almost no follow-thru to other books (but mine was a standalone, not first in series). For my second FNR, I priced the book at full price, 7.99, and sold 40. That's about $220 for a $260 ad... much better! Also, the follow-through to other books was greater. I saw a small spike in sales of other books the following week. I think readers who pay full price are more likely to pay full price for other books, as well. The .99'ers might only look for other in that price range. But that's just my take on it. (To add context, an actual Featured Release usually sells thousands, up to 2500 in my genre)
FNR's can be good for exposure, but do take advantage of the ability to price your book at full (no discount). Or maybe compromise at 2.99? I've also read where others sold only 15 or so copies, so... it's a brave risk. The OP said his genre is $700... that might be scary. But what's life without a few thrills! haha
Please let us now your results if you do decide to roll the dice.