I own a 2009 Trek 7300 that I bought in April. I can't tell you whether the 7200 is a "better deal". Depends on your opinion and funds. However I can speak about the 7300.
Some will say it is more mountain bike oriented, others will say the suspension (Trek SPA suspension) is something you may want to avoid.
In my opinion and experience the Trek 7300 is nothing like a mountain bike. I own a 2000 Marin Bear Valley mountain bike that has been significantly modified. Even with the mods, the 2 bikes have very different ride qualities.
The Trek 7300's suspension travels a little bit more than an inch (35mm). It is very good at handling road cracks, minor bumps, vibrations, and other minor road/rail trail irregularities. Given its modest vertical travel, the suspension, at least for me does not significantly affect climbing hills. IMO, the 7300 is closer to a touring bike than a mountain bike: both in geometry and ride quality. It is an excellent bike for rail trails.
I have made the following changes to mine: added a Brooks B17, trekking bars, new pedals with toe clips, rack, panniers, trunk, computer. My wife's 7300, with the exception of the racks is stock.
So it all depends what your riding is going to be about. The 7300 is the bike I use to ride with my wife. I do other rides w/o her but for MUP's, rail trails, gravel roads, etc. as I mentioned above it is very good. I don't think you would go far wrong with either the 7200 or 7300.