I've written up a full review of the 720 on my site: here
I've had it for about 2 months now, and I'm just in awe over how awesome it is. I also had the "letters rub off" issue, but I didn't find it to be that big of a deal. My previous remote didn't even have any letters, just the symbols on the buttons themselves, so it wasn't an issue for me.
I have a Panasonic receiver, and the remote works great with it, but the IR input on the component itself is actually slanted downwards towards the floor (WHY!?!) so I have to actually point the remote at it pretty accurately or else use the "Devices -> Sound -> On" procedure (The "Help" works just as well, but the Receiver is the last thing it asks about, so there's a lot of "Yes" clicking that makes it easier to just turn it on direct).
Overall, the remote has been great and I love it. It's certainly one of the greatest things I've bought for the living room since the TV.
P.S: I hope the URL above isn't considered spam, I just don't think posting the whole review here would be the best/easiest course of action. I bought the remote after reading about it in this very thread quite a while ago, and wanted to post up my thoughts on it back here now that I have one.