Correct, it should be able to do upto 5c charge rates.
I think Hyperion released the 720i charger in connection with their newest line of lipos that are coming out. They have a 5c charge rate, a newer material which isn't supposed to be affected by the rapid charging. And they are fairly cheap as well, IIRC like $110 for a 5000mah 3s with the 5c charge rate.
http://aircraft-world.com/shopexd.asp?id=6229 These actually look decent as well!
I have the 720i also, and love it. Just make sure your Power Supply is up to par. I've maxxed out my 12amp cpu supplies trying to charge some larger 4s and 5s packs at a 1c rate. I have a 30amp rivergate now, no problems yet...