Hi
A point to note about g711 vs g729
simplistically, g729 compresses the voice using less bandwidth, g711 doesn't. When you drop a packet with g711 (ulaw & alaw) you lose about 20ms of voice which the human ear can hardly detect. When you drop a packet with compressed codecs, you lose about 100ms of voice, which the human ear can detect.
So on a connection that drops packets, e.g. 3G, then g711 usually gives the better experience, given that there is enough bandwidth for the call, whereas g729 and GSM can become unusable on an unstable connection, at least that is my experience.
In my opinion, the time when g729 is most useful is when bandwidth is very expensive such as satellite connections or countries where bandwidth is expensive.
Joe