I went to the opening of 720 Records and have been back a handful of times. The coffee is consistent -- Nate is a new barista so it takes him a little bit longer to prepare anything but he's very congenial and strikes up a conversation with you to pass the time. The music selection is no Jerry's Records but it's good and the staff makes excellent recommendations. I like that they have a wall display of records that they switch up for people to peruse as well.
The merchandise (shirts, books, etc) offers a wide selection of locally printed Pittsburgh-centric shirts that any yinzer would be proud to own. The prices for records are about standard fare, although Jerry's Records is cheaper - the merch however is reasonably priced.
Once 720 starts creating venues, aside from having the DJ station occupied, I don't doubt that they will feel comfortable with their new home in Lawrenceville.