Light silvery grey shading on a pearly body, dark grey hooves and the top edge of the wings is silver. #720500 was initially a ToysRUs Exclusive as TRU Pegasus III in 2000, and #730000 is simply labeled as Pegasus III on the box, but both models appear to be the same color.
It also looks like model #3365 was a re-release of this/these models. Both models are basically indistinguishable from one another. Model #3365 may have a tiny bit more shading.