I have a M700 also. Even though I've never encountered any problems with OpenGL, I have not managed to enable DRI (Direct Rendering Infrastructure) on this laptop. It should be possible, however.
Anyway, check these two sites, they contain lots of pages about Linux and M700, including one of mine:
www.tuxmobil.org
www.linux-laptop.net
You can check my M700 (Debian Testing) page here:
http://users.utu.fi/sjsepp/linuxcompaqarmadam700.html
I have a XF86Config-4 there, which you can use as a reference, if it helps.