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Shimano themselves say it is compatible so I just repeated :-(
*Top Features of the Shimano 105 RD-5701 Rear Derailleur - Short Cage
•Large 11 tooth pulleys increase service life and reduce noise•Super light shift action
•Compatible with 8, 9, and 10-speed drivetrains
•Maximum low sprocket 30T
•Maximum front difference 16T, total capacity 34T
•Average weight 221 grams*http://www.wiggle.co.uk/shimano-105-rd-5701-rear-derailleur/
Also, IIRC, there is an alternative cable routing trick that can be used.
Paging @mdcc_tester for Shimano RD intercompatibility plz
5700 doesn't work with 8 speed shifters, only the earlier 5600/6600/7800 10 speed stuff does.