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Schools: HBS - Class of 2005
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KatJ
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Please, for the love of everything, don't even think about taking the GMAT again. You know what Stanford likes more than anything? More than people with 800 GMATs?? Really amazing, passionate, crazy, wild, fun, interesting, deep, thoughtful essays.... spend your energy there. At this point this is the best thing you can do for yourself.
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To answer the original question, if the applicant had done poorly in quantitative subjects and/or had little quantitative experience in his or her job then the applicant would rather have the 720 with the 98% percentile quantitative as not to corroborate difficulty in quantitative subjects.

To answer the subsequent poster, with a 760 do not worry about the 73% quantitative. Focus on introspection and producing the best application possible, especially the What Matters Most essay.

Good luck,