The 704 events that you're seeing are related to the 'ratio' and 'conn_limit' configuration properties for the F5 device CPU related stats. These two properties are currently not supported by the F5 Management Pack discovery agent, as they were a relatively recent addition to the device configuration hierarchy (exposed within the internal MCP - Master Control Program module in the F5 device).
We know about this issue and we're actively working on supporting this configuration, in the near-term. We'll let you know as soon as our F5 Management Pack will have this fix.
Another item I am curious about is when I check the health monitor status of a particular device, all the configured monitors almost all show up as blank circles. I would think the monitors would run and set themselves to green checks for healthy. Is this correct or is there something that is not happening to fully evaulate the health of the devices?
If you had a successful discovery and the F5 Device object hierarchy shows up as not being monitored, that's most probably a sign that the F5 Device health model and related workflows are not completely or properly loaded. Consequently, the Operations Manager configuration cache would not be updated with the related monitoring objects as a result of importing the F5 Management Pack. A quick way to check if the Operations Manager configuration cache has been [recently] updated, is to check the time stamp on the OpsMgrConnector.config.xml file in the Program Files\Health Service State\Connector Configuration Cache\ folder, on the SCOM RMS. If the time-stamp is suspiciously old (i.e. before discovering the F5 Device), then there might be a problem within the SCOM environment with getting the config cache updated. Most probably in this case you would see Config service errors with Event ID 29106 in the Operations Manager event log. We can investigate this issue as well.
You can also use the Workflow Analyzer tool, distributed with the SCOM authoring resource kit (http://www.microsoft.com/downloads/en/details.aspx?FamilyID=9104af8b-ff87-45a1-81cd-b73e6f6b51f0&displaylang=en), to see which F5-related workflows are not loading.