Plain English Meaning
The pilot will be able to see about 700 feet of runway ahead once down low on the approach. That is the visibility number used to decide whether the approach can be flown and the landing made.
Full Definition
A Runway Visual Range value of 700 feet, meaning the horizontal distance a pilot can expect to see down the runway from the approach end is 700 feet, as measured by transmissometer equipment near the runway and reported in the approach minimums for certain Category II and Category III ILS approaches.
Context Anchor
Seen on instrument approach minimums and in ILS approach descriptions, especially for very low-visibility operations.