well, you might be able to read them. but try formatting one or creating a bootdisk or extracting a diskimage onto one.
FORMAT A: /T:80 /N:9 will format a 720KB disk.
Of course you can't create a boot disk. Windows 7 isn't going to fit on one floppy.
RawWrite for Windows will write a disk image to a 720KB floppy just fine.