I won the EMRA Pocono Time Trial (in the rain) and the Watkins Glen Time Trial (in the rain) last year with the V700. A full (or near new) tread, they actually do pretty darn good. Standing water on the track will **** you, but pretty much any tire at 120 mph on standing water is gonna mess with you, even if it's a 10/32'nds street tire. I would put my more worn ones up front, and my best tread out back.
My only complaint about the tire is they are heavy suckers. Lots of steel in them, in the sidewall especially. That being said, they are overbuilt (I cut apart some old ones to inspect them) which is nice. The Hoosier tires (or the R3 versions) use fiberglass, really really light (about 5-6 lbs lighter per tire in the same size vs the V700) but if you cord one, you'll egg it real fast. The V700 you can drive 'em till they are down to the cords.
The V700 for the DOT Comp tires, is probably the best balance of price/performance/longevity. The hoosiers have more grip, but don't last, and cost more. The other DOT tires typically also cost as much, or more, and maybe last longer, but don't stick as well. With good management and rotation, you should be able to get maybe 6-10 events, depending on how bad the track you run eats them up, and your driving style, car weight, camber settings, etc. They have razor fast turn in (compared to a street tire) and give good feedback, real consistant, and event at the limit or beyond, they are real forgiving. No real suprises.
They are a good tire though, 2 equal cars put on a track with super sticky street rubber, and the V700, the V700 is gonna blow the street tire'd car in the weeds.
Just heat cycle them and scuff them in well when they are new, before you go kamikazi with them. They last longer and wear better if you break them in right.