Large database is always something special. Any technology has some pros and cons when working with a large database.
The problem you have encountered is the most probably related to building the model. When you start the application and use EF related stuff for the first time EF must build the model description and compile it - this is the most time consuming operation you can find in EF. Complexity of this operation grows with number of entities in the model. Once the model is compiled it is reused for the whole lifetime of the application (if you restart the application or unload application domain the model must be compiled again). You can avoid this by precompiling the model. It is done at design time where you use some tool to generate code from the model and you include that code into your project (it must be done again after each change in the model). For EDMX based models you can use EdmGen.exe to generate views and for code first based models you can use EF Power Tools CTP1.
EDMX (the designer) was improved in VS 2010 SP1 to be able to work with large models but I still think the large in this case is around 100 entities / tables. In the same time you rarely need 715 tables in the same model. I believe that these 715 tables indeed model several domains so you can divide them into multiple models.
The same is true when you are using DbContext and code first. If you model a class do you think that it is correct design when the class exposes 715 properties? I don't think so but that is exactly what your derived DbContext looks like - it has a public property for each exposed entity set (in the simplest mapping it means one property per table).
Same entity can be used in multiple models but you should try to avoid it as much as possible because it can introduce some complexities when loading entity in one context type and using it in other context type.
Code only = code first = Entity framework when you define mapping in the code without using EDMX.
