There are various things out there that do the Continuous Glucose Monitoring. The Minimed System is the only integrated system with both both and CGMS functionality. If you choose to use the glucose sensor that is a separate site from the pump infusion site, but if you do use it yes it will monitor your glucose all the time.
Integrated system, User friendly, various infusion sets for different body types, very knowledgeable support/ tech staff, the glucose meter will wirelessly send readings to your pump for bolusing (that is if you are not using the sensor), various colors for the pump, varying basal rates can run many different basals in a day if needed, easily programmable. Long battery life.
The sensor can be uncomfortable but that is rare, depending on insurance coverage CGMS may or may not be covered if it is not covered it can be expensive to get a supply of sensors (however sensors can be stretched longer than the three day period), you need to count carbs where the animas pump has a built in food bank for certain foods, you are tied to Minimed for your supplies pretty much, water resistant not waterproof.
In the end I love the minimed 722, i use the CGMS and it has made a huge improvement in my life, my last a1c was 6 so it regulated me perfectly. Those that use the other pumps, Animas Ping, Cozmore, and Omnipod all love their pumps as well. I have rarely read any negative feedback from people about their current pump. Feel free to message me and ask any other questions. I am sure I am missing out on some of the various pros and cons. But all in all, the 722 is a great system.