I also have the 720s and I paid a lot more for mine and I love them. When gaming online (FPS mainly) I pretty much have to use them. Part of this is also because I don't have a separate home theater system and the tv speakers suck arse. I get good directional sound on the call of duty games...
I haven't tried this controller yet, but one of my gripes w/ the PS3 controller was the resistance on the analog sticks. I don't have a problem w/ the layout at all, but i like the stiffer resistance of the xbox controller for fps games. Once some more reviews come out, i might jump on this in...