It should still run much faster.
RPMs: 5900/7200 = 81.9% the RPMs
Platter density: Now, if you got the 7200.12 1TB model, it fits 1TB onto only TWO platters, for 500GB/platter. I can only speculate about the # of platters in your old hard drive (depending on the age), so I'll give a few cases...
500/320 (1-platter 320GB drive): 156.25% the density
500/160 (2-platter 320GB drive): 312.50% the density
and so on
So at best it may still be nearly 30% faster over sustained speeds. Randoms will of course rely on access times and what not and may not be that much better.