Problem is that voice quality is related to both bandwidth and link quality (% of dropped packets) in voip over public internet. If you use a LAN, with QOS mixed in, G711 sounds better then G729 (although not by a wide margin, imho). While you always have dropped packets if you try to push more data then the available pipe, you may have a significant % of dropped packets in pipes two to three times wider then your stream. I did quite a few tests with friends on DSL and cable, and number of dropped packets was about the same regardless of the codec (Thank you Sipura for providing a nice, easy, way to track number of dropped packets!)
If you go over the internet, the higher the bandwidth you use, the more likely it is to have some dropped packets somewhere between here and there (and the spec of your link to your ISP is just one in the long chain the packets need to go through). Both G711 and G729 work well over most broadband links in US and Canada. Once you try to reach places 30 hops away, both codecs are likely to have quality challenges due to dropped packets somewhere in between. iLBC codec (see Grandstream products) may be your only chance for reasonable voice quality over such links.
If the pipe is wide enough, and you have a couple of dropped packets, G711 will sound better then G729, as compressed codecs react worse to dropped packets (iLBC being the notable exception), when compared to G711. On the other hand, G711 is a bandwidth hog compared to G729, so the message is do your own testing