It's been updated to the latest CM7 development code? Even we don't know all the changes the CM team makes... at best we just know the ones that affect the port-specific code...
That's one of the challenges of the way the code is spread into hundreds of sub-components in separate git repositories. You can find the change log for each specific component on github, but actually hunting through them all will result in probably hundreds of obscure commits that are difficult to understand and put in context unless you're familiar with a particular subsystem... and well, I'm only partially familiar with some of them on a need-to-know basis (and I assume fj's approach is similar). The code base is huge and moves quickly. The exact build you're going to get will depend on exactly when fjfalcon ran "repo sync".
On CM6 I added a repo-default.xml.gz file that records the current state of the repositories and puts it on the phone--the idea is that anyone should be able to exactly reproduce the build. In theory if we did that in CM7 we could automatically generate a list of new commit messages between builds. But I can almost guarantee you don't actually want to see them--based I me having looked at them. Here's the commit history for just one of the 100 or so repositories:
https://github.com/CyanogenModXT720/android_frameworks_base/commits/gingerbread
(we have to maintain a fork of this one to keep XT720-specific changes intact). In this case it looks like a lot of the changes to that one repository have to do with fingerprint detection on some devices. But other subcomponents probably have all sorts of different changes. When CM makes a final 7.2 release, they'll probably consolidate an overview-style change log.
At this point probably 98% of the recent changes could be simply called "bugfixes"