"Must have if you own multiple systems."4.0 starson by lyricalysound
Pros: Can be used for both the 360 and the PS3. Sound quality is on par with my current surround sound setup. Great headphone design, not heavy at all.
Cons: The wires are somewhat of a nuisance but if you can look past that then it's not really an issue. The amp feels like it could break if you drop it more than 2 feet.
Summary: I have to disclose that I've only owned 720 for a week so I can not comment on its durability. What I can comment on is that the sound quality is excellent. Very convenient for when you can't have the noise too loud because the neighbors might complain. The mic is excellent, I've only received good comments on the sound quality so far. You can also choose to detach the mic or put it on mute on those occasions when you're playing horribly and cursing like a sailor and you don't want your friends to hear...
I've tested quite a few games on it and so far I've been impressed. In God of War 3 I felt so immersed in the game that I completely everything and everyone around me. Call of Duty 5 on the Xbox was equally impressive. I never really heard the mini firefights in the distance until I put on this headset. I've yet to watch a movie with this headset on so I can't say how it performs in that scenario.
So... if you can get past the fact that it's all wired, and you have both a PS3 and 360, then you should definitely buy the 720. I was at Best Buy for an hour debating this or the Turtle Beach headsets and I don't regret going for the former.