I have a 2003 Gary Fisher Zebrano, which is made by Trek and is comparable to the 7200, using the same frame. I have put over 8000 miles on it in 15 months, mostly on good unpaved bike paths and paved paths that are in poor condition in places. I have been very pleased with it. I also test rode the 7200 but thought that the Zebrano was a little better equiped and I was quoted a slightly lower price. In particular, the Zebrano has trigger shifters and the 7200 doesn't. I'm also tall and have the XXL (25") frame, which Trek didn't offer on the 7200 at the time (they do now).
I actually preferred this model to the next higher model (Trek 7300/Gary Fisher Nirvana) because the Zebrano/7200 have threaded headsets, which allow more vertical adjustment to the handlebars than the threadless headsets in the more expensive models. I like to ride in a very erect position.
The one major problem that I've had is breaking rear spokes. A mechanic at a LBS (not the one where I bought it) said that is a very common problem with the spokes shipped on hybrids. I ended up having the wheel re-laced.