My understanding is that there's virtually no performance gain from a 7200 rpm drive when doing quick, random reads and writes. The boot time may be a fraction faster, but that's about it. The real difference happens when you're working with very large files, for example if you're doing audio recording on multiple tracks or working with large video files (or large file transfers in general).
Agreed
The difference is highly subjective as the user installing a 7200 RPM drive is looking for a difference in speed. That new speed is usually felt more because they have a fresh install of OS X (or whatever operating system they use), and lots of free space offering more VM for the system to use.
For most users on here (surfing the web, working on documents, iphoto, and light iMovie work), the time savings may only be a few seconds during your workflow.