If you can afford the Polar S720, by all means buy it!! I bought the S710 and I'm so jealous of the S720, it looks so much cooler. Anyway, I think the functions are still the same.
As I've said, buy it if you can afford it and if you want the functions. It is a really cool high-tech device that can definitely help you. The ability to upload exercise information makes it definitely useful. It allows you to keep a log and monitor improvements, I've noticed lots of improvement. It'll also save you a lot if you decide to upgrade later, you can buy the additional power output sensor or cadence sensor that are sold separately. It is a wise choice to buy it, but if you can't afford it, you might want to save up to buy it or otherwise just buy a lower end model.