I have the exact same problem with my MZ-R700 :?. I sent it back, but they said they don't cover accidental damages and pointed to a big scratch on the corner (there's a big scratch on the corner of my MD where i accidentaly scraped it against a wall).
They did however say that the problem is probably related to ether the MD or Laser motor.
Just preformed a successful reset an hour ago (thanks for the link N407ER). So far so good *crosses fingers*.
If anybody has additional info on this problem, please post it here, i'll be very greatful . I'll post again in a couple of days to let you guys know how if the reset fixed the problem.
-Adios