Well, this is interesting. Squadron Mail Order also is advertising an Academy 1/700 Titanic, and offers a photo of the finished model. It certainly looks like the photo in Mr. Usher's review - but on my monitor I can't see enough detail to make out the screws. (They should be an indication of whether the kits are identical. Mr. Usher noted that, in the 1/720 version, the outboard shaft fairings are noticeably too short.) The kit number listed for the 1/700 version on the Squadron site is one digit away from the one for the 1/720 version in Mr. Usher's review. Squadron doesn't sell a 1/720 version - but does have a 1/400 one.
The two reviews to which rcboater was kind enough to link us don't really resolve the question. Neither of them comments on the earlier 1/720 kit.
I guess we'll have to wonder about all this until somebody gets hold of the two kits and compares them side by side.
It does seem a shame that the manufacturers, having ignored the Titanic for so many years (according to Dr. Graham's book, the Revell decision makers thought long and hard before producing theirs, because "who wants to build a model of a ship that sank?"), now seem to be unable to recognize that any other ocean liner has ever existed. But I guess we should be grateful for any high-quality ship kit that comes along - and this one, whatever its origin, seems to fit the bill.
Youth, talent, hard work, and enthusiasm are no match for old age and treachery.