Performance wise, the i7-720QM has a little bit better than i7-620M.
Here the comparison:
i7-720QM:
1. Faster memory bus (DDR3-1333)
2. 6MB L3 Cache
3. Clock: 1.6 up to 2.8Ghz
i7-620M:
1. Memory bus (DDR3-1066)
2. 4MB L3 Cache.
3. Clock: 2.66 up to 3.33Ghz
Here come the drawbacks:
1. Due to higher TDP in i7-720QM, battery performance doesnt do well with this processor rather than i7-620M.
2. Due to higher TDP in i7-720QM, i7-720QM have high temperature than i7-620M.
Verdict: Its all depending on your task and usage. If you think you can fully utilize the quad core, go for i7-720QM.
Thanks for the advice, I think I will go with the i7-620M, as i need more battery power on the go