well, take this with a grain of salt cause i haven't heard any direct comparisons of the two and have only heard a few 722 sources. but my initial impression is that the v3 is more detailed and crisper, especially in the mids and upper frequencies, while the 722 is more musical and laid-back. the 722 has a bit more punch to the lower-end, a very nice rounded bass sound. if i owned a 722, I would probably opt to run a v2 in front of it. while i haven't heard any tests of the a>d in the 722, I could definitely hear the missing presence of the grace pre in the 722 recordings and I like that part of the grace sound.