I have a website I originally installed with Fantastico with drupal 4.7.0.
I have since installed the modules:
Adsense, Badbehavior, Category, Easylinks (Not active), Epublish (not being used), GoogleAnalytics, forward, Gsitemap, image, linksdb, moviereview, nodewords, poormanscron, quotes, systeminfo, views.
I updated from 4.7.0 to 4.7.2 by going in with an FTP client, uploading the 4.7.2 files over the 4.7.0 files.
I checked the upgrade with systeminfo and it stated that it was running on 4.7.2.