Re:
I have a Trek 721. Not sure if it's the same you have seen as Trek recycles the numbers but then changes the bike (Trek 920 is now an "adventure" bike while in the 90's was a rigid mtb).
Mine is from 2001, so not "retro", although by design it would fit in. Chromoly in the main tubes and fork, probably hi-ten steel the rest. 700 (28") wheels, 1" headset, threaded fork.
The PROs:
-super versatile bike. Commuter, tourer, can accept up to 2" tires without mudguards or about 1.75 with them, so it's able to do mild offroad too (gravel they call it now ;-))
-all the eyelets needed for proper touring, will take racks front and rear, 2 bottle cages, etc.
-very upright position. This can be changed if desired, but also lets itself to a drop bar conversion if preferred
The CONs.
-heavy
-crappy original wheels, rear with freewheel instead of freehub
-original components all fairly basic, but still ok for the price