CEF would work the same way on 7200 with PBR as normal routing.
If the ACL being matched in the route-map is a hit, it looks for the action i.e. forwarding the traffic to an interface or next hop.
CEF or process switching performs the recursion to the next-hop IP address & traffic is either hardware switched (PBR) or software switched.
There are some exceptions like "set interface" where traffic cannot be CEF switched, that's why I mentioned software switched above.
HTH,
Amit