I have both a 501 and 721. The 501 definitely tunes faster than the 721. (About 2 seconds on the 501, and 4-5 seconds on the 721, approximately.)
The preview guide with a picture comes up quicker on the 721, however. And with the 721's guide showing a partial info as you scroll around, I find "surfing" through the guide with the 721 my prefered way of looking for something new. And with the 721, being able to select a new channel while staying in the guide is very nice.
I think the real problem with true channel surfing with the 721 is that it feels a little sluggish when you change a channel. On the 501, you press 'up' and it immediately goes to black and shows you the new channels info bar at the top. 2 seconds or so later, the new picture shows up. On the 721, you press 'up' and the channel bar immediately changes, but the old channel's picture continues on for a second or so, then it then goes black, then 2-4 seconds later the new picture kicks in.
But in any case, all these delays become pretty much unnoticeable after a little use.
Heck, with my 721 it isn't all that often that I watch live TV anymore. I'll spend a couple minutes at the beginning of the day picking programs that interest me, and when I have time, I watch previously recorded items that have queued up.