I own both, though I haven’t put that many rounds through either of them. If you see a price difference of only $700, you’re either getting an incredible deal on the 901, or need to do some more shopping on the M&P. I’m seeing more like a $1200 difference right now.
The 901 is a Colt, and while not adopted by a military can be ASSumed to be made to their normal high standards. It’s a really cool design. It’s also very heavy overall, front heavy in particular, and a bit bulky too. I think it compares more closely to the LMT MWS in terms of quality, weight, features, and intended use. Very few aftermarket parts can be used with it - basically some handgrips (many require modification), buttstocks, and triggers. It uses extra long trigger pins, so if you want a Geissele trigger you’ll probably want to send another $20ish to Geissele for their Colt 901-sized pins, not a ton of money but an extra hassle. You’re stuck with the factory charging handle for the foreseeable future.
The M&P10 is an entirely civilian proprietary design. But S&W seems to be doing good things these days, and it has a lot of nice features and touches, including the forged-with-trigger guard lower, the nitride treated barrel, full ambi controls, an improved GI style trigger, etc. You have more aftermarket part options, although a BCM charging handle is not a drop-in fit (some report it works with minor modification). The factory barrel is almost cone-shaped and is pretty skinny out front. It comes with a muzzle device that’s nearly 4" long, so no matter how effective it may be you may want to replace it.
To me, the M&P is basically a .308 carbine that compares most closely to the Armalite carbines, while the Colt 901 is a fairly heavy DMR type .308. Either company could change the barrels and forends to change this characterization, but that’s where I see it today. In theory the Colt may be a higher quality piece, but I can’t put any specifics on that or point to something where Colt is good and S&W is bad.
If you would buy a Colt 901, I would also look at the LMT MWS. And there’s some interesting stuff being announced at SHOT, including the PSA .308 and a DPMS gen2 that is lighter and more compact.