You can see the switch housing is pretty much moulded into the whole construction of the case. That's how they achieved a "spill-proof" design.
I'm fairly sure that the switches themselves are discrete units--
here is a teardown of the switch--
but on the 700 series the keyboard has an additional layer of plastic covering the sides and tops of the switch. Kind of like how Azio's Mech4/5 line, and more recently various Aula keyboards, put an extra layer on top of Cherry or generic switches for the same purpose.
That said, the extra layer may very well affect feel. Rapoo's new V510 model, for instance, has a similar waterproofing system, and uses extra-tall keycaps to compensate for it. If Bloody is using off-the-shelf keycaps with an over-switch waterproofing layer, that would explain why the bottoming out felt wrong.
This keyboard is too ugly for me (especially given the fixed rainbow lighting), and the incompatibility with 3rd party wrist rests is annoying...but I do like the idea of the switches, enough to be a little bit tempted anyway. Because a) screw chatter, seriously, and b) faster is better. Don't care if the difference can be felt or not, because feeling faster isn't the goal;
being faster, is. Now if only someone would shoehorn a ProWorld or ALPS-style click leaf into the switches, and then put the switches into something somewhat less crazy looking...