I don't really have any experience of Rosewill PSU's but the problem with cheap, low-grade PSU's in general is that they endanger your whole PC if/when they fail. They can take out your MoBo and virutally anything connected to it because they often have poor failure management capabilities. Also, even though a PSU states 700W, if it is poor quality your system will not be able to draw anywhere close to that level with any stability.
Like I say, this is the case with general low-grade PSU's and may or may not apply to your particular brand.
If your computer only has low power requirements then your PSU may survive for quite a while. If you think your system may be pushing your power supply to anywhere remotely close to 700W I would get a new, branded PSU as soon as possible. Otherwise, you might be looking at a new psu AND mobo if it fails.