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Differences What are the advantages of each

Front view of GeForce GT 720

Reasons to consider the
Nvidia GeForce GT 720

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Slightly lower TDP 19W vs 45W 2.4x lower TDP
Front view of GeForce GT 650M

Reasons to consider the
Nvidia GeForce GT 650M

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Higher clock speed 850 MHz vs 797 MHz More than 5% higher clock speed
More render output processors 16 vs 8 Twice as many render output processors
Wider memory bus 128 bit vs 64 bit 2x wider memory bus
Higher memory clock speed 900 MHz vs 800 MHz Around 15% higher memory clock speed

Features Key features of the GeForce GT 720  vs 650M 

memory bandwidth Rate at which data can be read from or stored in onboard memory

GeForce GT 720
12.8 GB/s
GeForce GT 650M
28.8 GB/s
According to Nvidia's specification list, the base GPU clock is set at 797MHz while memory is clocked at 1.8GHz for the DDR3 and 5.0GHz for the GDDR5 memory versions.
GeForce GT 720 | by Slobodan-Simic (Aug, 2014)

pixel rate Number of pixels a graphics card can render to the screen every second

GeForce GT 720
3.19 GPixel/s
GeForce GT 650M
6.8 GPixel/s
The site goes off to say that the amount of graphics the PlayStation 4 displays at its $400 US cost is absolutely fine considering a high-end PC would cost $1000-$2000 US.
GeForce GT 720 | by hassan-mujtaba (Aug, 2013)

texture rate Speed at which a graphics card can perform texture mapping

GeForce GT 720
12.8 GTexel/s
GeForce GT 650M
27.2 GTexel/s
The guy who goes by the name of Jackfrags, mentions that while the PlayStation 4 offers an incremental graphics and performance boost over current generation consoles such as 60 FPS and better lightning/shadows, the game however fails to match the graphics of a high-end PC and looks more like its maxed out around what’s comparable to medium settings on the PC.
GeForce GT 720 | by hassan-mujtaba (Aug, 2013)

floating point performance How fast the gpu can crunch numbers

GeForce GT 720
306 GFLOPS
GeForce GT 650M
652.8 GFLOPS
The resulting image quality still looks good, though, and is at least intensive enough to tax these boards.
GeForce GT 650M | by Don-Woligroski (Sep, 2012)

shading units Subcomponents of the gpu, these run in parallel to enable fast pixel shading

A recent founding by Planet3DNow reveals that the top Kaveri APU parts won’t be restricted to only 512 Stream processors and can feature upto 832 Stream processors.
GeForce GT 650M | by hassan-mujtaba (Sep, 2013)

texture mapping units Built into each gpu, these resize and rotate bitmaps for texturing scenes

Unfortunately it's also difficult to determine how many ROPs or TMUs are powering it, but the most recent version of GPU-Z pegs it at 16 ROPs which would theoretically work out to 64 TMUs.
GeForce GT 650M | by Dustin-Sklavos (Mar, 2012)

Specifications Full list of technical specs

gpu

GeForce GT 720  vs
650M 
GPU brand Nvidia Nvidia
GPU name GK118 GK107
Market Desktop Laptop
Clock speed 797 MHz 850 MHz
Is dual GPU No No
Reference card None None

raw performance

Shading units 192 384
Texture mapping units 16 32
Render output processors 8 16
Pixel rate 3.19 GPixel/s 6.8 GPixel/s
Texture rate 12.8 GTexel/s 27.2 GTexel/s
Floating-point performance 306 GFLOPS 652.8 GFLOPS

memory

GeForce GT 720  vs
650M 
Memory clock speed 800 MHz 900 MHz
Effective memory clock speed 1,600 MHz 1,800 MHz
Memory bus 64 bit 128 bit
Memory 1,024 MB 1,024 MB
Memory type DDR3 GDDR5
Memory bandwidth 12.8 GB/s 28.8 GB/s

noise and power

TDP 19W 45W

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