|Would both systems have the exact same video card & same amount of RAM?|
If you look at the following comparison, the i7 920QM (2.0GHz) is tested as against other machines with a 2.53GHz Intel Core 2 Extreme. In some cases the Core 2 EXtreme is better, in others the 920QM is better. Since you're asking about the 720QM which is clocked 400MHz lower, I'd have to guess that the 2.53GHz Core 2 Extreme is faster.
Why are you flooding the forums with questions about the i7 (& other stuff) but you list such crappy specs under your name?