Yes, this subject tend to come up quote a few times, but it's always a good subject to discuss since it's one of the most vital things in aviation.

So, what would you like to know? Are you doing a manual ILS approach/landing or will you use the A/P to establish you?
The 700ft/minute is a rough guide, but it all depends on how fast you are going and the glideslope angle (which usually is 3 degrees). Which aircraft are you flying? The 777's approach speed is much faster than the 737's for example, hence more vertical speed is needed.

Here's an easy and fast formula that works on standard 3 degree slopes: take your speed, add a zero and divide by 2. So if your approach speed is 134kts the calculation will look like this
1340/2 = 670 feet/min

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Thank you very much, I get kinda sloppy at times