Software
First things first: The software for the MM720 isn't Cooler Master MasterPlus. Instead, only Cooler Master MasterPlus+ is compatible—this cannot be stressed enough. In terms of layout and functionality, MasterPlus+ is very similar to MasterPlus. Eventually, MasterPlus+ is supposed to support all Cooler Master RGB product groups. Here's to hoping an eventual follow-up version won't be called MasterPlus++.
There are separate pages for buttons, performance, lighting, macros, and profiles. All buttons except the left main button can be rebound, either to mouse, keyboard, macro, media, or OS functions. Additionally, Mouse Combo allows one to assign further functions accessible upon pressing a dedicated shift button. CPI adjustment is possible for up to seven levels and a range from 200 to 16,000, along with the option to adjust x and y-axis values separately. For some reason, the scale goes all the way to 32,000 despite the 3389 only supporting a maximum of 16,000 natively. Curiously, only multiples of 100 are available, with the 3389 supporting increments of 50. Button response time (i.e., debounce delay, which affects click delay) can be adjusted from 4 to 32 ms, in steps of 4. Further settings include polling-rate adjustment (125, 250, 500, or 1000 Hz) and lift-off distance (low/high). Two rather unusual settings are angle snapping (on/off) and angle tuning—the latter is for adjusting the angle at which the sensor outputs motion data, which can be useful for those struggling with straight lines when swiping straight. All settings are updated live and saved to the on-board memory, so the software does not need to be running (or be installed) all the time. During the saving process, the lighting on the mouse will flicker if enabled. On my system, the software has a RAM footprint of 410 MB on average when running in the foreground, which doesn't change when minimized to the system tray. Upon exiting the application, two processes with a RAM footprint of 6 MB keep running. For whatever reason, RAM usage wasn't entirely consistent. Most of the time it was sitting at 400 MB and more, but at other times it dropped down to 250 MB or less. I'm unsure as to what could be causing this behavior.
Lighting
The MM720 has two zones for RGB lighting, which are the scroll wheel and the honeycomb area at the back. A total of four pre-defined lighting effects are available in the software. These are Static (single color), Color Cycle, Breathing, and Indicator, which indicates the currently set CPI level. Lastly, a custom mode allows for setting up custom colors. Most effects allow custom colors, as well as brightness and transition speed adjustment. Of course, disabling the lighting altogether is also possible.
Color accuracy and vibrancy are excellent throughout. Here's a short demonstration video in which I'm going through the Color Cycle and Breathing modes: