At the heart of the Ryzen 7 2700 is the new 12 nm "Pinnacle Ridge" silicon by AMD. This chip is based on the new "Zen+" micro-architecture in which the "+" denotes refinement rather than a major architectural change.
AMD summarizes the "+" in "Zen+" as the coming together of the new 12 nm process that enables higher clock speeds, an updated SenseMI feature-set, the updated Precision Boost algorithm that sustains boost clocks better under stress, and physical improvements to the cache and memory sub-systems, which add up to an IPC uplift of 3 percent (clock-for-clock) over the first-generation "Zen."
The biggest change of "Pinnacle Ridge" remains its process node. The switch to 12 nm resulted in a 50 mV reduction in Vcore voltage at any given clock speed, enabling AMD to increase clocks by around 0.25 GHz across the board. The switch also enables all-core overclocks well above the 4 GHz mark, to around 4.20 GHz.
AMD also deployed faster cache SRAM and refined the memory controllers to bring down latencies significantly. L3 cache latency is 16 percent lower, L2 cache latency is a staggering 34 percent lower, L1 latencies are reduced by 13 percent, and DRAM (memory) latencies by 11 percent. This is where almost all of the IPC uplift comes from. AMD also increased the maximum memory clocks. The processor now supports up to DDR4-2933 (JEDEC) and is capable of DDR4-3400.
Updates to the chip's on-die SenseMI logic include Precision Boost 2 and Extended Frequency Range (XFR) 2. Precision Boost 2 now switches from arbitrary 2-core and all-core boost targets to a perpetual all-core boosting algorithm that elevates the most stressed cores to the highest boost states in a linear fashion (i.e. boost frequency increases with load). Every core is running above nominal clock when the processor isn't idling, which contributes to a multi-core performance uplift. Besides load, the algorithm takes into account temperature, current, and Vcore. Granularity is 0.25X base clock (25 MHz).
Extended Frequency Range 2 (XFR 2) builds on the success of XFR with a new all-core uplift beyond the maximum boost clock. If your cooling is good enough (60°C), XFR will now elevate all cores beyond the boost state as opposed to just the best few cores. Unlike the 2700X, the 2700 isn't advertised as featuring XFR 2.0. There's still a rudiment of the feature which increases the clock by 50 MHz beyond the maximum Precision Boost frequency, however.
The AM4 Platform and New X470 Chipset
What sets "Pinnacle Ridge" apart from Intel dies, such as "Coffee Lake," is that it is a full-fledged SoC (system-on-chip). It integrates both the northbridge and southbridge. In addition to memory and PCIe, socket AM4 processors also put out USB 3.0 and two SATA 6 Gb/s ports. The platform still has something called a "chipset," but it only serves to increase connectivity options, such as adding more SATA ports, USB 3.1 ports, and a few more general-purpose PCIe lanes (which are PCIe Gen 2). On Intel's platforms, the PCH (platform controller hub) serves the functions of the southbridge, while the northbridge is fully integrated with the processor.
The new AMD X470 chipset, which was launched alongside the Ryzen 2000 "Pinnacle Ridge" series, succeeds the X370 chipset. It has the same exact feature-set as the X370, but with lower power draw. Although not directly related to the chipset, X470 specifications prescribe higher CPU VRM standards for motherboards.
The X470 also comes with AMD StoreMI technology out of the box (something even X370 has, but through a BIOS update). The only reason X470 probably exists is to clear the compatibility confusion for first-time buyers. You're assured that an X470 motherboard will support AMD "Pinnacle Ridge" chips out of the box. Regardless, every AM4 motherboard ever launched is capable of running "Pinnacle Ridge," and most motherboard vendors have started rolling out BIOS updates.