It was definitely interesting.
The exercise of condensing our entire pitch down to 120 seconds was worthwhile. We could very quickly explain what we do, where we're going, and how we'redoing. Elevator pitches were a snap.
The best aspect of it was that it gave us more time to speak to investors afterwards. Most stayed in the room and we had an opportunity to have amazing conversations (and collect business cards) from those that might be a better fit...rather than broadcast to everybody.
That said, having never been through a 7m presentation, I can't compare against that directly. Just providing my own perspective.
When we first heard of the two minute rule, we were in disbelief. But at the end, somehow it miraculously worked.