Dh and I stayed in 7120 on our first (and only, so far) cruise. It is one of the special Navigator rooms that does not have the enclosed Navigator, but instead has the regular rails - BUT is partially enclosed due to its position on the ship. (Originally considered a Cat 6, but downgraded due to not being completely open as all other 6's are.)
Since we have nothing to compare it to, I can only tell you we had no problems, no concerns with noise, etc. If I were going to get a balcony again, I would certainly have no problems requesting this one again.