It would be a terrible time for the guys up the front. Glad to hear it turned out okay.
Assuming there were NO other problems leading to this situation (arriving at 700ft without the gear down) then it is quite simply a stuff up. It was always going to 'turn out OK' as I would seriously doubt ANY pilot working for ANY airline in Australia would attempt to land from this situation (putting the gear down first of course). Whilst not knowing SOPs for other airlines, it's a no brainer for QF ops....go around (must be stable and configured etc by 500' in VMC). So, it was always going to result in a missed approach which remember is in the NORMAL section of the FCOM.
People make mistakes. We have all done it. This crew will go away...eat some humble pie and accept responsibility for probably falling victim to becoming complacent on the old CitiFlyer route.