Of course the next Xbox will be named the 720... Microsoft always doubles their numbers.

Xbox 1 -> Xbox 360 -> Xbox 720. Doubling numbers. It makes perfect sense.

Well, the math ends up being adding 359, so the next XBox should end up being XBox 719, assuming that you had XBox 1!  Of course it could end up being multiplying the prior number by 360, so XBox 12960 CONFIRMED!

Wait, maybe it is adding a 360 at the end, so the next XBox will be the XBox 360360.

Did Skate or Die copy this game?

Unless Skate or Die is a very common expression, I am pretty sure that, at least, it is a nod EA paid to the arcade game, because Skate or Die is similar in that it had a number of mini-game skating events like 720, but I believe it got rid of the exploring the city and avoiding the bees.  Skate or Die is pretty much Tony Hawk before Tony Hawk, done mini-game mode.

Info on Skate or Die:

http://en.wikipedia.org/wiki/Skate_or_Die!

On another note, I found this:
http://sneakernews.com/nike-dunk-sb/nike-dunk-low-pro-sb-720-degrees/

Looks like Nike may of paid some love to the old Atari 720 game.

lol I didn't even notice that in the video that it said Skate or Die when the timer was running low.  I was just checking the video out briefly and it looked like Skate or Die.  Then after your first sentence I was like common expression?  and checked the video out more.

It is possibly a common statement, with several video pieces/documentaries by the same name done, including one b MTV I believe.  It may of existed independently or 720 had such a huge impact, it caught on.  Others can research this further.