If you're gonna stick on campus & ride on the street, sidewalks, & asphalt, I'd go with the 7.2. My wife has a 7.2 & it's quick, light, & a great ride.
You won't need shocks if you're gonna stick to pavement, which suprised me when I upgraded from my 820. They're really not necessary & only add weight.
If you're gonna hit a few dirt trails, I'd go for the shocks, but otherwise the 7.2 is a GREAT buy.