New V70 brakes suck! Plain and simple!

They are way too touchy and do not have a firm enough feel to run that high of brake boost.

You will get used to it after some time.

Just don't climb back into car with a properly designed braking system and after a while you won't know the difference :)

This sounds like my 98 T5M. Here is what I notice:

Press the brake
Let off lightly, do not let brake come all the way back up
Push down and then brakes are firm and feel nice

I've bleed the entire brake system (actually flushed). I have 52K on
original pads/rotors but have always had the problem. I have a
manual tranny (which is one reason I have 52K on pads) and I
mention this since the clutch fluid is fed from the brake system
(that is, they share the same brake fluid resevoir). Is yours a
manual transmission?

My wife has a 95 855 and the brakes on that car are fantastic.
Perfect feel (not sure if they stop any faster but much easier to
use). I would love it if my 98's were as nice to use.

I have new pads and rotors sitting in the garage and plan
to install and flush system again -- just have not had time to get
to it. I doubt it will hurt (but with 52K on original parts it is
time, anyway).

I have same car w/16's and 17,000 miles. When I first got it, I tried to get brakes recalibrated because I thought something was wrong and dealer said that's the way they are--get use to it nothing to fix. Much different then my 97 850 and my 92 240.

Soft is not right, but the brakes on the 2001 V70 are notoriously sensitive. You get used to it, or you can pretend you drive a Ferrari and wear driving shoes.

If you have to pump them, then the brakes should be checked...or at least bled. Have you looked in the fluid reservoir to see what's there? Is it full?
--
(98 S70 T5SE misc mods, mostly lighting, red calipers) (92 940GLE)

I haven't driven a 2001 V70 but typical Volvo braking is VERY firm and solid. In fact, I would describe the braking as aggressive compared to most other vehicles. If you need to pump your brakes, you have a problem. You may very well need your lines bled. I would get them checked out immediately.