I have not owned a 720, but I am a big fan of the Pioneer II. Knowing Benchmade and the Axis lock as I do, I would say that the 720 is a fine and extremely strong and reliable knife. The only way that the 720 might no be better than the Pioneer would be in ergonomics. The Pioneer has about the best folder handle out there, but I haven't handled a 720, so I don't know how they would compare.
Having said all that, I am planning on getting an updated Pioneer when they come out in D-2 steel, but I am not planning on getting a 720. Personal preference for G-10 handles over aluminum, the ergonomics of the Pioneer, and a general affinity for ugly knives that work extremely well.