Our tech guys decided to see what was in the Sprint Merlin U720 and Verizon USB720 (same Novatel USB Modem) and why it was so large.
Apparently, Novatel developed a single PCI Express Mini Card (the same one that is used embedded in laptops) and put a case around it and add a USB port and you have the Novatel U720/USB720.
Here are the pictures.
[Per Novatel Request - Image has been Removed]
We have a discussion on the inside of the Novatel 720 on EVDOforums.com. I am sure that users that discover what is inside, will try plugging the embedded E720 in other laptops and devices. Maybe a bunch of hobbyists will start ripping apart their Novatel USB modems and putting the insides in all kinds of cool devices. Time will tell.
Disclaimer - this will void your warranty - so it may not be a good idea to take yours apart.